Summary Box: Stocks up on improving jobs, housing

AP News
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Posted: Dec 29, 2011 4:50 PM
Summary Box: Stocks up on improving jobs, housing

STOCKS UP: The Dow Jones industrial average rose 135 points. The S&P 500 rose 13 points and is now up 5 points for the year. Stocks rose on better news on the job market and home sales.

HOUSING & EMPLOYMENT: Quincy Krosby, Prudential Financial's market strategist, was heartened by the better prospects for housing and jobs. That's because the correlation between the two has become more pronounced after the real estate bust. Banks tend to be reluctant to lend to people unless they currently hold jobs.

HOME BUILDERS UP: Stocks of home builders soared. Masco Corp. rose 8 percent, the most in the S&P 500. PulteGroup Inc. soared 6 percent.