Stocks rally on housing data

The Dow reached its highest point in five weeks this afternoon, buoyed in part by a report from the National Association of Realtors. The association said its index of signed purchase agreements rose 0.7 percent last month. Many analysts had expected the group to post a decline in purchase agreements. “Investors will like this news because the weakness in the economy now is centered on housing,” said Jeffrey Kleintop, the chief market strategist at LPL Financial Services in Boston. more [Bloomberg]