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Market Update

U.S. Home Sales Data Lift Wall Street Indexes


Author: Nichole Harper
ticker.com
Last Update: 12:04 PM ET October 21 2014

12:10 PM New York Stocks in New York gained for the fourth day in a row after China reported better than expected economic data and the U.S. existing home sales rose at the fastest in the year in September. Apple and Texas Instruments advanced after reporting quarterly results.

Stocks extended gains for the fourth day on Wall Street after existing home sales increased in September to the high of the year.

S&P 500 index increased 1.5% or 28.95 to 1,933.04 and the Nasdaq Composite Index soared 1.8% or 79.96 to 4,395.17.

Existing single and multi-family home sales increased 2.4% to 5.17 million annual rate, National Association of Realtors reported today in Washington. From a year ago month, the sales increased 1.9%.

Home sales surged 7.1% in the West and sales also increased in the South and in the Northeast.

Single family home sales increased 2% from the previous month to an annual rate of 4.56 million and multi-family homes sales increased 5.2% to 610,000 pace.

The median price of existing homes increased 5.6% from a year ago month to $209,700 and the national price increase was led by 5.1% rise in the South.

European Markets

In London trading, FTSE 100 index increased 1.2% or 74.14 to 6,341.21 and in Frankfurt the DAX index climbed 1.6% or 138.02 to 8,855.78.

In Paris, CAC 40 index jumped 1.9% or 77 to 4,068.24.

ASOS Plc surged 14.9% to 2,233 pence after the U.K.-based online fashion-products retailer reported group revenue in the year ending in August soared 27% to 975.5 million from 769.4 million a year ago period.

Profit in the year plunged 11% from a year ago period to 36.6 million compared to 40.9 million and diluted earnings per share dropped to 44.5 pence from 49.2 pence.

Asian Markets

Market indexes in Tokyo fell back after surging on the speculation that the government pension fund is set to increase its stock allocation.

The indexes traded lower after a record one-day surge in more than a year and investors digested better-than-expected economic and industrial production data from China.

The Nikkei 225 Stock Average declined 306.95 or 2% to 14,804.28 and the broader Topix index slumped 18.98 or 1.5% to 1,205.36.

The yen closed at 107.11 against one dollar.

Chinese government agency reported September quarter economic growth was better-than-expected at 7.3% and industrial production rose 8%.

The Sensex Index jumped 145.80 or 0.6% to close at 26,575.65 The CNX Nifty gained 48.35 or 0.6% to 7,927.75.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc