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US stocks climb on home sales, American Express results

business Updated: Apr 24, 2010 07:49 IST
DPA
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US stocks rose on Friday across the board, buoyed by resurgent home sales, a strong American Express report and a rebounding Honeywell.

The US Census Bureau reported a 27-percent jump in new home sales in March compared to February, the largest jump since 1963, fuelled by optimism of economic recovery and a soon-to-expire $8,000 tax credit for first-time home buyers.

American Express stocks advanced 2.7 percent, after it said its first-quarter net income doubled from 2009 and its card holders had the lowest March credit card delinquency of the six biggest credit card companies.

Capital One posted a profit after last year's loss.

The blue-chip Dow Jones Industrial Average was up 69.99 points or 0.63 percent to 11,204.28. The broader Standard and Poor's 500 Index rose 8.61 points, or 0.71 percent, to 1,217.28. The technology-heavy Nasdaq Composite Index added 11.08 points, or 0.44 percent, to 2,530.15.

The US currency dropped against the euro to 74.71 euro cents from 75.27 euro cents on Thursday. The dollar rose against the Japanese currency to 93.97 yen from 93.47 yen.

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