U.S. stocks rose on Monday, with the S&P 500 on track to snap a three-day sell-off as stronger-than-expected home sales data fueled optimism about the economic recovery while a weaker dollar boosted commodity-linked stocks.
Sales of previously owned U.S. homes rose to their highest level in more than 2-1/2 years. That helped to ease concerns about the housing recovery generated last week when another report showed housing starts fell sharply in October.
Monday's data reassured investors who have fretted over the economy as unemployment rose and consumer confidence fell. Stocks rallied broadly with all 10 S&P sectors showing strong gains.
Monday, November 23, 2009
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