Bloomberg News

U.S. Stocks Pare Early Losses After Home Sales Exceed Estimates

February 27, 2012

Feb. 27 (Bloomberg) -- U.S. stocks pared losses after pending home resales increased more than forecast, indicating the real-estate market is improving.

Lennar Corp. and Toll Brothers Inc. paced gains in 10 of 11 stocks in a Standard & Poor’s gauge of homebuilders. Wells Fargo & Co. and SunTrust Banks Inc. rose, helping financial shares recover from an earlier slump.

The S&P 500 slipped less than 0.1 percent to 1,364.85 at 10:45 a.m. in New York after losing as much as 0.8 percent.

The index of pending home resales climbed 2 percent after a

1.9 percent decrease the prior month that was smaller than previously estimated, the National Association of Realtors said today in Washington. The median forecast of 44 economists surveyed by Bloomberg News called for a 1 percent rise.

Early losses in stocks came after the Group of 20 nations rebuffed calls from euro-area leaders to boost lending resources to combat the sovereign debt crisis.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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