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MARKET SNAPSHOT: U.S. Stock Indexes Rise With Home Sales

By Kate Gibson, MarketWatch U.S. stocks on Tuesday gained for a second day after an upbeat report on the housing market deflected concern about global economic growth. "The housing data has to be considered good news because some kind of stabilization in housing would be an important positive or at least the removal of a big negative for the economy," said Ken Tower, a senior analyst at Quantitative Analysis Service. The Dow Jones Industrial Average (DJI) rose 56.11 points, or 0.5%, to 12,560.59. The S&P 500 Index (SPX) added 10.75 points, or 0.8%, to 1,326.74, with financials leading the gains among its 10 industry groups. The Nasdaq Composite (RIXF) gained 17.17 points, or 0.6%, to 2,864.38. After wavering, stock-index gains solidified after the National Association of Realtors reported sales of existing homes last month climbed for the first month in four, up 3.4% in April. "The more housing improves -- we believe 'housing' bottomed in late 2010 -- the better equities will do. Looking back several years, the relationship has been unsurprisingly tight and we see no reason to think that the relationship will weaken going forward," Dan Greenhaus, chief global strategist at BTIG LLC, wrote in an emailed note For every stock falling three gained on the New York Stock Exchange, where 249 million shares traded as of 11:35 a.m. Eastern. Shares of Best Buy Co. Inc. (BBY) rose 3.2% after the consumer-electronics retailer reported a 25% drop in first-quarter profit but affirmed its 2012 profit outlook. Facebook Inc. (FB) shares continued their slide amid a game of finger pointing over the social networking company's initial public offering on Friday. But Towers thinks the hand-wringing could prove short-lived. "The IPO wasn't managed very well, but the problems are probably transitory. It doesn't effect the number of users and the amount of potential revenue." Google Inc. (GOOG) stock "struggled a bit when it first went public," he added of the search engine, which closed just above $100 a share in its first day of trading in August 2004, and is lately trading above $600 a share.

Stock News for Best Buy (BBY)
DateTimeHeadline
12/02/201616:46:35Quarterly Report (10-q)
12/02/201616:17:01Statement of Changes in Beneficial Ownership (4)
12/02/201606:00:00Best Buy Introduces Special Edition Tech Collection for the Holidays
11/28/201604:00:00Get Ready to Click: Best Buy’s Cyber Monday Deals are Here
11/25/201607:00:00Retailers Vie for Black Friday Dollars
11/23/201616:17:46Statement of Changes in Beneficial Ownership (4)
11/23/201616:17:46Statement of Changes in Beneficial Ownership (4)
11/23/201616:17:46Statement of Changes in Beneficial Ownership (4)
11/18/201616:09:58Statement of Changes in Beneficial Ownership (4)
11/18/201608:00:00Best Buy Announces Regular Quarterly Cash Dividend
11/18/201607:00:00Best Buy: Five Reasons You’d be Crazy to Wait until Thanksgiving t...
11/18/201603:02:00Strong Web Sales Power Best Buy -- WSJ
11/17/201617:07:00Best Buy Sales Top Views, Aided by Online Revenue -- 4th Update
11/17/201612:16:00Best Buy Sales Top Views, Aided by Online Revenue -- 3rd Update
11/17/201609:45:00U.S. Hot Stocks: Hot Stocks to Watch
11/17/201607:03:33Current Report Filing (8-k)
11/17/201607:00:00Best Buy Reports Better-Than-Expected Third Quarter Results
11/10/201606:30:00Best Buy Black Friday Deals & Hours Announced
11/01/201610:29:00Black Friday's Inside Secret: Same Deals Every Year
10/25/201608:05:00Best Buy Unveils Annual Holiday "Top Tech" List

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