Stocks pushed higher for a third straight day after a report that home sales were surprisingly strong last month.
The National Association of Realtors said Tuesday that home resales jumped 7.4 percent in November, much more than the 2.5 percent increase expected. Sales were 44 percent above last year's levels, and at their highest level in nearly three years. The improvement is due to an extraordinary amount of federal support that encouraged homebuyers to take advantage of big tax breaks.
The report offered the latest evidence that the economic recovery is picking up pace.
Stocks had been rising modestly prior to the report after the Commerce Department's new reading on gross domestic product showed a growth rate of 2.2 percent in the third quarter. While that was lower than a previous estimate of 2.8 percent, investors found encouragement in the fact that the economy still grew during the period after a record four straight quarters of decline.
With economic data continuing to show improvement, many analysts believe the economy is on track for a better finish in the current quarter.
The Dow Jones industrial average rose 56.08, or 0.5 percent, to 10,470.22. The Standard & Poor's 500 index rose 4.79, or 0.4 percent, to 1,118.84, while the Nasdaq composite index rose 13.62, or 0.6 percent, to 2,251.28.
Yesterday’s Top Performing Small Cap stock:
BioMedical Technology Solutions Holdings, Inc. (OTC BB: BMTL) was a SmallCapVoice.com top performer yesterday closing up over 11% on trading volume of 52,167 shares.
BioMedical Technology Solutions Holdings, Inc., located in Englewood, Colorado sells the Demolizer II through its wholly owned subsidiary BioMedical Technology Solutions, Inc. BMTS' patented Demolizer Technology converts infectious biomedical waste into non-infectious material. BMTS' products provide biomedical waste treatment solutions for the over 1,000,000 low to medium volume medical waste generators in the US and a global market five times larger than the US.
Today’s SmallCapVoice.com Hot Stock to Watch:
Solutions Group, Inc. (Pink Sheets: SOLU)
Solutions Group, Inc. announced that its subsidiary, idrive Monitoring Systems, entered into a strategic partnership with Zenware, Inc., an Idaho-based solar technology company. Under the terms of the synergistic agreement, Zenware will distribute the iDrive X-1 product line to government and fleet customers in the Northwestern US, anticipating thousands of sales beginning in January 2010, while SGI will introduce a line of Zenware solar products targeting fleet vehicles to current clients and prospects.
"Having the right tools to manage a fleet is essential to keeping it running smoothly," said Rod Puzey, VP of Operations Zenware, Inc. "We wanted to be able to offer a true end-to-end solution to fleet managers and businesses. With the addition of idrive to our offerings we now have this."
Stefan Dragomir, President of idrive Monitoring Solutions srl, said, "We are very excited to add Zenware to our distribution team. Their contacts within government and commercial fleets will allow for significant accretive sales of X-1 cameras. In addition, we have several large construction and utility prospects that are anxious to discuss Zenware's Solar Fleet Elite product to power electronic components in their vehicles."
"Partnering with idrive enables Zenware to offer a complete transportation set that is available nowhere else in the market. We can now provide real-time video monitoring in police cars, buses, taxis, federal and state vehicles all powered by Solar. In one solution set we are able to offer security for drivers, video capture of driving events, real-time video and printed reports for the company managers all while having a smaller impact on the environment," commented Jody Sedrick, CEO of Zenware, Inc.
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