Stocks Surge, S&P Turns Positive For 2009

By: Associated Press Email
By: Associated Press Email

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Monday, May 4, 2009

Another big rally on Wall Street has given the Standard & Poor's 500 index a modest gain for the year.

The S&P 500 index, the market barometer preferred by professional investors, is now up 0.5% for 2009. Many investments like mutual funds track or are measured against the S&P.

Stocks advanced after the National Association of Realtors said pending U.S. home sales rose for the second straight month. And construction spending rose in March after five months of declines.

According to preliminary calculations, the S&P 500 index is up nearly 30 at 907.24.

The Dow Jones industrial average is up 214 at 8,427. The Nasdaq composite index is up 44 at 1,763.

About five stocks rose for every one that fell on New York Stock Exchange, where volume came to 1.7 billion shares.

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