Dollar gains versus rivals

By Blake Ellis, contributing writer


NEW YORK (CNNMoney.com) -- The dollar rose against major currencies on Tuesday after an unexpected surge in existing home sales.

Existing home sales in November rose 7.4% to an annual rate of 6.54 million units, the highest level since February 2007, the National Association of Realtors said Tuesday. Economists surveyed by Briefing.com had predicted a mere 2.5% increase.

This jump vied with earlier news from the Commerce Department that gross domestic product, the broadest measure of the country's economic activity, rose only 2.2% in the third quarter, below the 2.7% growth rate predicted by economists surveyed by Briefing.com and much less than the 3.5% increase the government initially reported in October.

"Housing data was a bit better than we expected," said Brian Dolan, a chief currency strategist at Forex.com. "The numbers showed us that the U.S. outlook is improving, and the housing market is showing some signs of life."

The GDP reading didn't daunt investors, in his view.

"Third-quarter GDP is pretty much being shrugged off and ignored for now because it's basically ancient history at this point, since we're now at end of the fourth quarter," he said.

The dollar edged up 0.1% against the euro to $1.425. The greenback rose 0.3% against the British pound to $1.597 and was up 0.7% against the yen to ¥91.82.

The buck rose against rivals on Monday as well, following the stock market higher after the health care bill passed a key vote in the Senate. To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 28,015.06 337.27 1.22%
Nasdaq 8,656.53 85.83 1.00%
S&P 500 3,145.91 28.48 0.91%
Treasuries 1.84 0.05 2.50%
Data as of 1:07pm ET
Company Price Change % Change
Bank of America Corp... 33.67 0.58 1.75%
General Electric Co 11.10 0.31 2.87%
Advanced Micro Devic... 39.63 0.01 0.03%
Ford Motor Co 9.02 0.09 1.01%
Apple Inc 270.71 5.13 1.93%
Data as of Dec 6

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.