Pending home sales positively surprised, showing 3.2% growth in March, an acceleration from the 2% growth witnessed in February. Economists surveyed had been expecting 0% growth.
Construction spending unexpectedly rose in March by 0.3%. This is an improvement over the downwardly revised figure of -1.0% in February and economists had been expecting a further decline of 1.6% in March.
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The Dow Jones Industrial Average rose 214 points (2.6%) to close at 8,427, the S&P 500 Index gained 30 points (3.4%) to 907, and the Nasdaq Composite advanced 44 points (2.6%) to 1,764. Crude oil gained $1.27 to $54.47 per barrel, and gold advanced $15.25 to $901.80 per ounce.
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