Housing, banking news drives market up

May 18, 2009 @ 4:26 pm

By Rick Baert, Pensions & Investments

Stocks started the week strong today as upbeat news on housing and banking helped boost the Dow Jones industrial average up more than 200 points.

The Dow closed up 235.44, or 2.85%, at 8,504.08; the S&P 500 rose 26.83, or 3.04%, closing at 909.71; and the Nasdaq composite was up 52.22, or 3.11%, to close at 1,732.36. All numbers are preliminary.

The National Association of Home Builders’ housing market index rose for the second month in a row in May, reaching its highest level in eight months, reflecting growing optimism among builders.

Banking shares were buoyed by State Street Corp.’s announcement that it would issue a stock offering to help it repay a $2 billion government loan that came as part of the financial rescue program last fall.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Diversity & Inclusion Awards: 2018 nominations are open

Editor Fred Gabriel and special projects editor Liz Skinner discuss the nomination process for InvestmentNews' inaugural Diversity & Inclusion awards.

Latest news & opinion

Cetera reportedly exploring $1.5 billion sale

The company confirmed it's talking to investment bankers to 'explore how to best optimize [its] capital structure at lower costs.'

SEC Chairman Jay Clayton outlines goals for a new fiduciary standard

Rule should provide clarity on role of adviser, enhanced investor protection and regulatory coordination.

Advisers bemoan LPL's technology platform change

Those in a private LinkedIn chat room were sounding off about fears the independent broker-dealer will require a move to ClientWorks before it is fully ready.

Speculation mounts on whether others will follow UBS' latest move to prevent brokers from leaving

UBS brokers must sign a 12-month non-solicit agreement if they want their 2017 bonuses.

Maryland jumps into fiduciary fray with legislation requiring brokers to act in best interests of clients

Legislation requires brokers to act in the best interests of clients.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print