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S&P 500 surges on housing starts, jobless claims

January 17, 2013 • Business


FILE – In this Thursday, Jan. 10, 2013, file photo, Jeffrey Vazquez, right, works with fellow traders on the floor of the New York Stock Exchange. Stock futures jumped Thursday, Jan. 17, 2013, as the government reported that weekly applications for unemployment benefits hit a five-year low and the construction of new homes surged. (AP Photo/Richard Drew)

NEW YORK (AP) — The Standard and Poor’s 500 index climbed to another five-year high after strong reports on housing starts and unemployment claims made investors more optimistic about the U.S. economy.

The S&P 500 gained 8.31 points to close at 1,480.94, its highest level since December 2007. The Dow Jones industrial average also rose, climbing to a five-year high during the day, before falling back to finish 84.79 points higher at 13,596.02. The Nasdaq composite climbed 18.46 points to 3,136.

U.S. builders started work on homes in December at the fastest pace since the summer of 2008, the Commerce Department said Thursday. Homebuilder stocks rose broadly following the report. The S&P 500′s homebuilding index climbed 3.8 percent, its biggest gain in almost a month. PulteGroup led the Login to read more

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