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June 3, 2010    

US stocks rise after good news

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by Kay Murchie
US stocks rise after good news

Wall Street’s main Dow Jones index closed up 2.3% yesterday at 10,250 after good news boosted investor confidence.

The pending home sales index and demand for cars boosted stocks in the world’s largest economy.

“A positive housing report and better-than-expected auto sales are giving the stock market a lift,” according to Wells Fargo senior equity market strategist Scott Marcouille.

Yesterday, the National Association of Realtors (NAR) said its Pending Home Sales Index rose for the third consecutive month in April boosted by the expiration of a Government tax credit.

The NAR said the index rose 6% in April – far exceeding the 4.3% rise which many analysts had predicted.

The index is also 22.4% higher than in April last year.

In the meantime, the car industry received a boost after US sales at Ford rose 22% last month, while General Motors (GM) were up 17%.

Toyota’s sales grew 7% in May but this was because special offers introduced in March ended.

However, the best performer was Chrysler, recording a 33% increase in year-on-year sales - just one year after emerging from bankruptcy protection.

Overall, sales of auto companies in the US grew more than 19% in May to 1.1 million units from a year ago - the seventh consecutive increase.

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