The Norman Transcript

Nation/World

January 18, 2013

S&P surges on housing starts

NEW YORK — 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 advance with a jump of $1.03, or 5.3 percent, to $20.37.

The number of Americans seeking unemployment benefits fell to a five-year low last week, the Labor Department reported, the latest sign that the job market is healing. Weekly unemployment benefit applications fell 37,000 to 335,000, a bigger decline than economists had forecast, according to financial data provider FactSet.

The reports helped offset disappointment over the fourth-quarter earnings reports of two of the nation’s biggest banks, Citigroup and Bank of America, said JJ Kinahan, chief derivatives strategist at TD Ameritrade.

“The financial stocks are having a tough time impressing the Street with anything,” Kinahan said.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

1
Text Only | Photo Reprints
Nation/World
  • U.S.: Russia firing across border

    KIEV, Ukraine — Russia is launching artillery attacks from its soil on Ukrainian troops and preparing to move heavier weaponry across the border, the U.S. and Ukraine charged Friday in what appeared to be an ominous escalation of the ...

    July 26, 2014

  • Small holes cause big jitters

    SEOUL, South Korea — For the developers of the world’s sixth tallest building near Seoul, a mysteriously shrinking lake and the appearance of small sinkholes in residential neighborhoods couldn’t have come at a more inopportune time. ...

    July 26, 2014

  • Secret photo victims must describe trauma for case

    BALTIMORE — Thousands of women whose genitals might have been photographed during gynecological exams can share a $190 million settlement from Johns Hopkins Health System. But they’ll have to describe their trauma before seeing any money. ...

    July 26, 2014

  • Worries about U.S. consumers drag stocks lower

    NEW YORK — Investors got some bad news about the American shopper on Friday, driving down stocks and sending the Dow Jones industrial average to a loss for the week. Two major U.S. companies — the retail giant Amazon and the credit card ...

    July 26, 2014

  • Air Algerie jet crashes with 116 on board

    OUAGADOUGO, Burkina Faso — An Air Algerie jetliner carrying 116 people crashed Thursday in a rainstorm over restive Mali, and its wreckage was found near the border of neighboring Burkina Faso — the third major international aviation ...

    July 25, 2014

  • Very bad week: Airline disasters come in a cluster

    WASHINGTON — Nearly 300 passengers perish when their plane is shot out of the sky. Airlines suspend flights to Israel’s largest airport after rocket attacks. Two airliners crash during storms. Aviation has suffered one of its worst weeks ...

    July 25, 2014

  • Hong Kong firms on edge as democracy rally blockade looms

    HONG KONG — As activists vow to shut down Hong Kong’s financial district in protest at China’s attempt to hobble democratic elections in the city, businessman Bernard Chan is preparing for the worst. Chan’s investment company has added ...

    July 25, 2014

  • Planes with Ukraine bodies arrive in the Netherlands

    KHARKIV, Ukraine — Two more military aircraft carrying remains of victims from the Malaysian plane disaster arrived in the Netherlands on Thursday, while Australian and Dutch diplomats joined to promote a plan for a U.N. team to secure the ...

    July 25, 2014

  • Iraq elects new president as attacks kill dozens

    BAGHDAD — Iraqi lawmakers elected a veteran Kurdish politician on Thursday to replace long-serving Jalal Talabani as the country’s new president in the latest step toward forming a new government. But a series of attacks killed dozens of ...

    July 25, 2014

  • Doctor fired back at gunman

    DARBY, Pa. — A doctor grazed by gunfire from a patient who had entered his office in a suburban hospital’s psychiatric unit stopped him by returning fire with his own gun and injuring him, authorities said....

    July 25, 2014