US stocks rise after upbeat housing data

Reported by AAP
Wednesday, June 27, 2012

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US stocks have opened with modest gains as investors digested another month of rising home prices in the troubled sector and a sweeping Moody's downgrade of Spanish banks.

The Dow Jones Industrial Average was up 19.22 points (0.15 per cent) to 12,521.88 in opening trade.

The S&P 500-stock index advanced 3.74 (0.28 per cent) to 1317.46, while the tech-rich Nasdaq rose 11.90 (0.42 per cent) to 2848.06.

"European concerns are still an overhang following Moody's downgrade of 28 Spanish banks," said analysts at Wells Fargo Advisors.

The S&P Case-Shiller price index for 20 major US cities rose for the third straight month in April, offering hope of a stabilisation in the battered housing market six years after a bubble collapsed.

Stocks rebounded from losses of more than 1.0 per cent on Monday.

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