U.S. Stocks Rise

U.S. stocks advanced for a second day as sales of existing homes unexpectedly increased and a manufacturing gauge topped economists’ estimates, bolstering optimism that the worst of the recession is over.
TradingEconomics.com, Bloomberg 4/1/2009 1:32:39 PM

D.R. Horton Inc. led gains in 12 of 13 shares in an index of homebuilders as the National Association of Realtors reported a 2.1 percent gain in pending home resales in February. Citigroup Inc. and JPMorgan Chase & Co. added at least 5.8 percent after Treasury Secretary Timothy Geithner said there are signs that financial markets are recovering.

The Standard & Poor’s 500 Index rose 1.7 percent to 811.08, a day after capping its best monthly rally since 2002. The Dow Jones Industrial Average increased 152.68 points, or 2 percent, to 7,761.6. The MSCI World Index of 23 developed nations added 1.6 percent, with Ireland and Denmark posting gains of more than 4 percent to lead the advance.

U.S. stocks rose yesterday, giving the S&P 500 an 8.5 percent advance in March, as investors bought the month’s best- performing companies. The S&P 500 has climbed 20 percent since March 9, trimming its 2009 decline to 10 percent, as banks from Citigroup to JPMorgan Chase & Co. said they made money in the first two months of 2009 and U.S. Treasury Secretary Timothy Geithner unveiled plans to rid financial firms of toxic assets.