(By Salman - iStockAnalyst Writer)US stocks finished with gains on Monday as investors reacted to stronger than expected housing data. Shares also rallied as dollar fell against basket of currencies, sending commodity prices higher.
The Dow Jones Industrial Average rose 132.79 points or 1.29% to finish at 10,318.16. The S&P 500 added 14.86 points or 1.36% to end at 1,106.24. The Nasdaq Composite rallied 29.97 points or 1.40% to 2,176.01.
The National Association of Realtors said sales of existing single-family homes and apartments increased to a seasonally adjusted annual pace of 6.10 million units in October. Economists expected a reading of 5.7 million.
The US dollar fell against a basket of major currencies after Federal Reserve Bank of St. Louis President James Bullard said Sunday that the Fed should extend its mortgage-related asset purchase program beyond a planned end date to bolster the economy. Meanwhile, commodity prices jumped and gold hit another record high amid renewed dollar weakness.
Shares of telecom companies rallied. AT&T Inc. (NYSE:
T) jumped 76 cents or 2.92% to $26.78. Verizon Communications (NYSE:
VZ) soared 90 cents or 2.96% to $31.33.
Diversified US firm General Electric Co. (NYSE:
GE) gained 43 cents or 2.76% to $16.02.
Energy stocks finished higher. Chevron Corp. (NYSE:
CVX) soared $1.97 or 2.57% to $78.74. Exxon Mobil Corp. (NYSE:
XOM) jumped $1.32 or 1.77% to $75.70.
Early on Monday, LDK Solar Co. Ltd. (NYSE:
LDK) on Monday said that its third-quarter net income dropped to $29.4 million, or 27 cents a share, from $88.4 million, or 77 cents a share, in the prior-year quarter. Revenue fell to $281.9 million from $542 million. LDK Solar rose 55 cents or 6.88% to $8.55.
Shares of Tyson Foods Inc. (NYSE:
TSN) finished at $12.88, down 19 cents or 1.45% to $12.88 after it said Monday that it swung to fiscal fourth-quarter loss of $456 million, or $1.22 a share, compared to a profit of $48 million, or 13 cents a share, in the year-earlier period. On an adjusted basis, the company earned 28 cents a share, compared to 13 cents a share, last year. Revenue remained flat at $7.2 billion.
First Solar Inc. (NASDAQ:
FSLR) announced Monday that it has agreed to sell a 21 megawatt solar energy project it's building in Blythe, California to NRG Energy Inc. (NYSE: NRG) for an undisclosed sum.
European stocks settled up. The UK FTSE gained 104.09 points or 1.98% to 5,355.50. The German DAX and French CAC increased 2.44% and 2.25% respectively.
Asian stocks finished higher. The Hang Seng index of Hong Kong rose 315.55 points or 1.41% to 22,771.39.
NYMEX crude oil for December delivery increased 9 cents to settle at $77.56 a barrel.
Disclosure: Author doesn't own any of the stocks discussed here.
