US stocks soar 120 points
Stocks in the US surged today on signs of resilience in the housing market and the US consumer, with falling oil prices giving investors an extra reason to rally. The Dow Jones industrials gained more than 120 points.
The National Association of Realtors’ index for pending sales of existing homes rose in February at a seasonally adjusted annual rate of 0.7%. The index is well below where it was a year ago but stronger than investors expected, reassuring them that the housing sector, while weak, is not being pummelled by the struggling subprime mortgage sector.
