April 22, 2009

U.S. markets rise

U.S. markets rose Wednesday after the Federal Housing Finance Agency said home prices rose 0.7 percent in February.

First quarter reports continued to concern investors. Morgan Stanley said it would cut dividends sharply after reporting a first-quarter loss. Wells Fargo & Co., as expected, reported a record net income of $3.05 billion.

In midmorning trading, the Dow Jones industrial average gained 57.98 points, 0.73 percent, to 8,027.54. The Standard & Poor's 500 gained 0.80 percent, 6.83 points, to 856.94. The Nasdaq composite index gained 21.87 points, 1.33 percent, to 1,665.72.

The benchmark 10-year U.S. Treasury bond fell 11/32 to yield 2.943 percent.

The euro rose to $1.3012, compared to Tuesday's $1.2939. Against the Japanese yen, the dollar fell to 98.05 yen, compared to Tuesday's 98.74 yen.

In Tokyo, the Nikkei average gained 15.97 points to 8,727.30 , up 0.18 percent.