Housing Market Gives Stocks a Surprise Boost

2009-05-06 02:35:34 (GMT) (WiredPRNews.com - Business, News)

Housing market has positive effect on stock indexes

Stocks jump on Monday with one index finishing at its highest all year.

Wired PR News – The housing market had a surprising effect on stocks Monday, leaving one index to finish at its highest all year. As reported by the Associated Press (AP), the Standard & Poor’s 500, deemed the most important indicator for Wall Street, finished at its highest mark so far in 2009, erasing its losses for the year.

As noted in the report, the Dow Jones industrials showed significant gains as well, finishing at above 8,400, something that had not been seen since mid January of this year. However, despite Monday’s advances analysts and others remain hesitant to call it a recovery just yet. David Kotok with Cumberland Advisors is quoted as stating of the real estate market, “The bear market may not be over… We have the makings of a ‘V’ or the first half of a ‘W. The upward leg looks the same … Only time will tell.”

Photo Credit: Sean O’Flaherty