Stocks rally on reported new home sales rebound

Stocks rose today following the release of the Commerce Department’s June new home sales report this morning, which said the annual rate rose to 330,000 units last month, beating economists’ estimates. In afternoon trading, the Dow Jones industrial average rose 66 points, which some analysts attributed to investors finding new optimism in the housing market. Stock prices for major U.S. home builders like D.R. Horton, Lennar and Toll Brothers rose more than 2 percent after the report’s release, in a rebound from the decline that followed the expiration of the federal government’s first-time homebuyer tax credit, for which the contract signing deadline was April 30. [AP via Palm Beach Post] 

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