U.S. stocks added to gains on Tuesday, with the Dow industrials briefly turning positive for the year, after data showed existing home sales rose more than expected in April.
The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in nearly eight years, a sign that sales are finally coming to life after a long and painful slump.
The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts' forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.
Economists surveyed by Thomson Reuters expected the index would edge up to 85 from a reading of 84.6 in March. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing home sales.
The index was 3.2 percent above last year's levels and has risen for three straight months after hitting a record low in January. A nearly 33 percent sales increase in the Northeast and a 9.8 percent jump in the Midwest led the overall surge. Sales contracts rose 1.8 percent in April from a month earlier in the West, but fell 0.2 percent in the South.
The Dow Jones industrial average gained 47.45 points, or 0.54 percent, to 8,768.89. The Standard & Poor's 500 Index rose 5.12 points, or 0.54 percent, to 947.99. The Nasdaq Composite Index added 17.41 points, or 0.95 percent, to 1,846.09.
Yesterday’s Top Performing Small Cap stock:
U.S. Geothermal Inc. (AMEX: HTM) was a SmallCapVoice.com top performer moving up over 20% on trading volume of 1,510,553 shares.
U.S. Geothermal is a renewable energy development company that is operating geothermal power plants at Raft River, Idaho and at the San Emidio Desert in Nevada. The Neal Hot Springs project in eastern Oregon is being developed and is expected to be operational in 2011. The San Emidio project is currently under development to replace the existing old power plant with a new efficient plant. U.S. Geothermal holds, through ownership or lease, geothermal rights of lands that comprise the Raft River project in Idaho, San Emidio, Granite Ranch, and Gerlach in Nevada, and the Neal Hot Springs project in Oregon.
Today’s SmallCapVoice.com Hot Stock to Watch:
American Green Group, Inc. (Pink Sheets: AMNE)
American Green Group, Inc. is pleased to announce that its wholly owned subsidiary, Eco-Built Systems LLC, d/b/a Paradigm Polymers has licensed two more counties in FL, Pasco and Hernando Counties located on the West Coast of Florida. The Company would also like to announce the paper work for the 5 for 1 forward split has been submitted to NASDAQ for review once notified of the approval AMNE shall set a final record date.
AMNE now has a total of 5 Counties in FL which have some of the most populated cities in Florida such as Miami, Fort Lauderdale, Palm Beach, Tampa, St. Petersburg-Clearwater, and Boca Raton among others. This should be a very good barometer to engage other Counties across the Country.
Mantra Venture Group Ltd. (OTC BB: MVTG)
Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is active in the green technology marketplace with an innovative, multi-faceted approach focused on profitability through sustainability. By aggressively seeking out new technologies and innovating solutions for a cleaner earth for everyone, Mantra intends to provide a highly profitable and, more importantly, socially and environmentally responsible investment for its shareholders.
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