Stocks Extend Gains As Pending Home Sales Rise

By: Associated Press Email
By: Associated Press Email

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Monday, May 4, 2009

Wall Street is extending its rally as reports on housing and construction show improvement for March.

Stocks are jumping Monday following a National Association of Realtors report that pending U.S. home sales rose from February to March as buyers took advantage of deeply discounted prices and low interest rates.

Investors are also cheering a surprise increase in construction spending after five straight months of declines.

The Dow Jones industrial average is up 150 at 8,362. The blue chips had been up 100 ahead of the reports.

The Standard & Poor's 500 index is up 16 at 894, while the Nasdaq composite index is up 25 at 1,744.

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