Dow hits new record as home prices rise

By Agence France-Presse
Tuesday, May 28, 2013 22:00 EDT
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Sold home sign via AFP
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The Dow closed at a new all-time high Tuesday after strong gains in US home prices and consumer confidence boosted stocks.

At the closing bell, the Dow Jones Industrial Average was up 108.05 (0.71 percent) to 15,411.15, a new all-time high.

The S&P 500 put on 10.58 (0.64 percent) to 1,660.18, while the Nasdaq Composite Index added 29.74 (0.86 percent) to 3,488.89.

The widely-watched S&P/Case-Shiller index of US home prices showed the price of a home in the 20 largest cities rose 10.9 percent in the year to March, the largest year-on-year increase since 2006.

Consumer confidence in the US surged to 76.2 in May, up from 69.0 in April, to post the highest level since February 2008.

Stocks were also boosted by greater confidence that the Federal Reserve won’t immediately end its bond-buying program and relief that Japan’s stock market rose Tuesday, said Art Hogan of Lazard Capital Markets.

“It’s a great way to start the week,” Hogan said. “We’re going to need a string of good data, not just two points” before stocks go significantly higher.

Agence France-Presse
Agence France-Presse
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