Strong Housing Report Helps Send Dow Industrial Average Over 12,500
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Thursday, December 28, 2006
NEW YORK, Dec. 27 -- Stocks rose Wednesday, sending the Dow Jones industrial average past 12,500 for the first time as year-end bargain hunters bought shares across many sectors.
Home builders did well on the strength of a Commerce Department report that showed new home sales rose more than expected in November.
Bonds were lower. Many investors hope that signs of economic weakness will motivate the Federal Reserve to lower interest rates, so the sign of strength in the housing industry was troublesome for bondholders. The yield on the benchmark 10-year Treasury note rose to 4.65 percent, from 4.60 percent late Tuesday.
Ford Motor and Toyota Motor shares rose after a meeting between executives of the companies sparked hope for an alliance between the two rivals. General Motors, meanwhile rose sharply.
The session was again marked by thin volume typical of the week between Christmas and New Year's.
The Dow rose 102.94, to 12,510.57. The Standard & Poor's 500-stock index rose 9.94, to 1426.84. The Nasdaq composite index rose 17.71, to 2431.22.
The dollar was mixed against other major currencies. Gold prices rose.
Oil fell 76 cents, to $60.34 a barrel, on the New York Mercantile Exchange.
Movers
Wal-Mart Stores rose 5 cents, to $46.16.
Federated Department Stores rose 58 cents, to $38.34.
Target rose 38 cents, to $57.47.
Ryland Group rose $1.82, to $54.35.
Pulte Homes rose 50 cents, to $33.35.
Toll Brothers rose 60 cents, to $32.29.
KB Home rose 97 cents, to $51.76.
Home Depot rose50 cents, to $39.56.
Sherwin-Williams rose $1.81, to $64.37.
General Motors rose 82 cents, to $30.59
Ford Motor rose 9 cents, to $7.58.
Toyota Motor rose $2.65, to $134.26.
Apple Computer rose 1 cent, to $81.52.
M cClatchy fell 1 cent, to $43.06.
Cadmus Communications rose $3.48, to $24.46. Cadmus agreed to be acquired by Cenveo for about $235.1 million.
Cenveo rose $1.85, to $21.70.
