Pursuits
U.S. Stocks Rally as Housing Data Bolster Optimism on Economy
- Builders jump after April sales surge, Toll Brothers earnings
- Tech shares soar, Banks gain amid rising bets on higher rates
What Drove Today's Rally in the U.S. Stock Market?
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U.S. stocks rose the most in more than two months, as a surge in home sales fueled speculation the economy can withstand higher interest rates amid rising bets the Federal Reserve will tighten policy this summer.
A gauge of homebuilders jumped the most since January 2014 amid the data, with Toll Brothers Inc. seeing its biggest climb in three years as its quarterly profit also topped estimates. Technology companies soared to their strongest gain in 12 weeks, as Microsoft Corp. and Google parent Alphabet Inc. rose at least 2.2 percent. Banks climbed on expectations for higher rates, with Treasury yields at a three-week high. JPMorgan Chase & Co. and Citigroup Inc. added at least 1.6 percent.