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Market Update

U.S. New Home Sales Data Lifts Stocks on Wall Street


Author: Nichole Harper
ticker.com
Last Update: 7:37 AM ET September 24 2014

1:20 PM New York – Stocks on Wall Street gained after a three-day slump and new home sales rebounded sharply after three months of volatile data. Wal-Mart Stores Inc plans to launch checking account services that does not charge overdraft fees. India successfully placed its satellite in Mars orbit.

U.S. Stocks advanced after a three-day slump and new home sales rose more than expected.

Sale of new homes increased to a six-year high in August, according to the Commerce Department today.

New home sales soared 18% from July to 504,000 after home sales in the West surged 50% and total sales increased by one third from a year ago.

The volatile sales data showed the relative stability after sales fell in June and decline 2% in July. And sales have recovered in the year so far but are at a half of what they were ten years ago.

Tollbooth Index gained 0.5% or 47.20 to 9,357.91.

S&P 500 index increased 0.4% or 7.18 to 1,989.99 and the Nasdaq Composite increased 25.22 or 0.5% to 4,533.88.

U.S. Movers

Accenture Plc (ACN) slipped 1.5% or $1.17 to $78.43 after the consulting and outsourcing service provider reported revenue in the fourth-quarter ending in August climbed 10% to $7.8 billion from a year ago period.

Net income in the quarter jumped 4.5% to $760.2 million or $1.08 a diluted share compared to $727.3 million or $1.01 from a same quarter last year.

Accenture expected net revenues for the first-quarter to be in the range of $7.55 billion to $7.80 billion.

Bed Bath & Beyond Inc (BBBY) surged 7.5% or $4.67 to $67.35 after the home furnishings retailer stated net sales in the second-quarter ending in August increased 4.3% to $2.95 billion from a year ago period. Comparable sales in the quarter jumped 3.4%.

Net income in the quarter plunged 10.2% to $223.9 million or $1.17 a diluted share compared to $249.3 million or $1.16 from a same quarter last year.

European Markets

In London trading, FTSE 100 index slid 0.1% or 6.21 to 6,669.87 and in Frankfurt the DAX index edged down 0.04% or 3.96 to 9,591.07.

In Paris, CAC 40 index rose 0.3% or 15.26 to 4,374.61.

Barclays Plc fell 0.9% to 227.15 pence after the U.K.-based lender agreed to pay £38 million or $62 million to Britain’s market regulator after failing to protect £16.5 billion of client assets between November 2007 and January 2012.

Asian Markets

Stocks in Tokyo traded lower and weak commodities prices hovered trading sentiment for the third day this week.

Iron ore price in Shanghai traded at a new five-year low and worries of faster than expected slowdown in China.

The Nikkei 225 Stock Average fell 38.45 or 0.2% to 16,167.45 and the broader Topix index slid 4.70 to 1,326.18.

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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