New York, Oct 26 (DPA) The three US benchmark stock indexes rose Monday, buoyed by agreement among the Group of 20 nations in South Korea to prevent a currency war and stronger home sales.
The gathering of G20 finance ministers and central bank chiefs in Kyongju, South Korea, over the weekend produced a call to move towards exchange rates determined by the market. The agreement follows months of allegations aimed mainly at China of exchange rates being kept artificially low in order to boost their own economies.
In the US, sales of existing homes rose in September by the most on record, a sign that the lowest mortgage rates on record and lower home prices are helping to shore up the foundering real estate market, according to figures released by the National Association of Realtors.
Home purchases increased 10 percent to a 4.53 million annual rate from 4.12 million in August, the report said.
The blue-chip Dow Jones Industrial Average climbed 31.49 points, or 0.28 percent, to 11,164.05. The broader Standard and Poor’s 500 Index gained 2.54 points, or 0.21 percent, to 1,185.62. The technology-heavy Nasdaq Composite Index climbed 11.46 points, or 0.46 percent, to 2,490.85.
The US currency fell against the euro to 71.57 euro cents from 71.71 euro cents Friday, and against the Japanese currency to 80.80 yen from 81.36 yen.