Home Sales Help Lift the DOW

Stocks are on fire today thanks to oil, commodities, gold and sales of existing homes increasing 10.1% in October, according to the National Association of Realtors.Existing home sales were up 23.5 percent from a year earlier and sales activity was at the highest pace since February 2007, NAR said. In the Pittsburgh metropolitan area, existing home sales rose 13.7 percent in October, said NAR spokesman Walter Molony.

"Many buyers have been rushing to beat the deadline for the first time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November," said NAR chief economist Lawrence Yun. "With such a sale spike, a measurable decline should be anticipated in December and early net year before another surge in spring and early summer."

The $8,000 first time buyer tax credit has been extended until April 30. It has also been expanded to include many buyers who are not buying their first home, with a credit of as much as $6,500, depending on income.

Review The DOW within 5 Points from 10,500 for some investing ideas and securities to play on this short holiday week including tickers: DIG, DBA, AUY, XOM

SOURCE: http://pittsburgh.bizjournals.com/pittsburgh/stories/2009/11/23/daily4.html