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Wall Street shares head higher as new home sales soar

As expected, US stocks went higher on the open as European stocks were doing well and as traders mulled positive new home sales data.

Pictured are two yellow New York cabs
US shares started on the front foot

As expected, US stocks went higher on the open as European stocks were doing well and as traders mulled positive new home sales data.

Sales in the UK of new homes surged last month, showing a robust demand and a confidence on the economy and interest rates.

Sales races up  16.6% to a seasonally adjusted annual rate of 619,000 - the biggest monthly jump in 24 years and beating estimates of 525,000.

At the time of writing, the Dow Jones was up over 200 points, or 1.15% at 17,693, the S&P500 is up 23 at 2,071, while the Nasdaq gained 68 to 4,834.

The mid-cap gauge S&P400 gained 1.17% to 1,463 and the S&P small cap 600 was also up 1.28% to 688.18.

In Europe, FTSE100 gained 1.15% to 6,206, while the German DAX gained 1.98% to stand at 10,037. The French CAC 40 was up 93 at 4,419m while the oil price was higher 1.08% to US$48.50  a barrel.

Gold, meanwhile, was down 1.37% to US$1,234.

On Nasdaq, a notable riser was Spherix Inc. (NASDAQ: SPEX), which shot up almost 110% to US$4.01  as it struck a second licensing agreement with RPX Corporation (RPXC).

Spherix has granted RPX a portfolio license in exchange for a cash payment and the return of all of the Series H preferred stock of Spherix currently held by RPX.

Best Buy Co (NYSE:BBY) lost over 8%  to US$30.18 as it reported revenue for its  latest quarter, which fell less than analysts were expecting amid strong appliance sales, but issued a soft profit forecast for the current quarter.

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