http://money.cnn.com/2009/05/18/markets/markets_new_york/index.htm
NEW YORK (CNNMoney.com) — Stocks rallied Monday, with the Dow adding 350 points after positive news about the U.S. housing market, including an upbeat profit forecast from Lowes, as well as an upgrade of Bank of America, encouraged investors to step back into the market after last week’s selloff.
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Housing: Lowe’s (LOW, Fortune 500), the No. 2 home-improvement retailer, projected a higher fiscal second-quarter profit after posting a 22% decline in the first quarter that still managed to top analysts’ forecasts. Shares rose 8%.
“The housing issue is front and center in the economic recovery,” said Quincy Krosby, chief investment strategist at The Hartford. “Lowe’s is a major player in that space and their comments are important.”
Two private reports helped bolster confidence in the housing market. The National Association of Home Builders said its index of homebuilder confidence rose for the second month in a row. Separately, the NAHB said home prices are at their most affordable in nearly two decades.
As I stood before the gates I realized that I never want to be as certain about anything as were the people who built this place. –Rabbi Sheila Peltz, on her visit to Auschwitz
