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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
12/04/201406:00:15Best Buy to Exit China -- Update
11/28/201420:10:09Wal-Mart and Target Take Fight to Amazon for Holiday Sales
11/28/201415:27:42MARKET SNAPSHOT: Stocks End Mixed; OPEC Sinks Energy Sector
11/28/201415:25:31MARKET SNAPSHOT: U.S. Stocks: OPEC Sinks Energy Sector, Airlines...
11/28/201415:14:57MARKET SNAPSHOT: U.S. Stocks Mixed; Energy Sector Slammed, Airlines...
11/28/201414:49:02MARKET SNAPSHOT: U.S. Stocks: Energy Sector Slammed After OPEC...
11/28/201407:01:14MARKET SNAPSHOT: U.S. Stocks: Energy Firms Slammed After OPEC...
11/20/201416:50:31MARKET SNAPSHOT: S&P 500, Dow Add To Tally Of Record Closes For...
11/20/201412:27:26Best Buy Sales Bounce Back Ahead of Holidays -- 2nd Update
11/20/201412:25:12MARKET SNAPSHOT: U.S. Stocks Inch Higher; Best Buy Pops
11/20/201410:47:26MARKET SNAPSHOT: U.S. Stocks Stuck In The Red After Data Points...
11/20/201410:45:49MARKET SNAPSHOT: U.S. Stocks Stuck In The Red After Data Shows...
11/20/201409:23:18MARKET SNAPSHOT: U.S. Stocks: Futures Under Pressure; CPI Flat
11/20/201408:14:32MARKET SNAPSHOT: U.S. Stocks: Futures Fall As Global Data Disappoints;...
11/20/201406:15:55MARKET SNAPSHOT: U.S. Stocks: Futures Fall As Global Data Disappoints;...
11/17/201406:28:22MARKET SNAPSHOT: Retailers Close Out Earnings Season
10/28/201402:10:12Apple CEO Happy With New Pay Service
09/10/201420:19:12Will Stores Warm Up to Apple Pay?
08/26/201418:54:44MARKET SNAPSHOT: S&P 500 Ends Higher For First-ever Close Above...
08/26/201418:51:25MARKET SNAPSHOT: S&P 500 Gains, On Pace For First-ever Close...

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