The Real Deal Miami

Stocks surge on housing news

May 04, 2009 02:35PM

Stocks rose today after unexpected increases in pending home sales and construction spending. The Dow Jones jumped about 150 points and stocks overall rose about 2 percent. Pending home sales rose 3.2 percent for the second straight month, according to the National Association of Realtors. Construction spending rose 0.3 percent in March after a five-month drop. It remains to be seen whether the market will continue rising once the April employment report comes out Friday.