Daily Financial News - Mortgage | Real Estate | Stock Market

Existing Home Sales Surprise to Upside - Existing-home sales surged 10.1 percent to an annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September. Sales activity is at the highest pace since February 2007 when it hit 6.55 million. Total housing inventory at the end of October fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, less than the revised for the worse 8.0-month supply which was reported in September. The national median existing-home price for all housing types was $173,100 in October, down 7.1 percent from October 2008.

Dow spikes to 13-month high - A better-than-expected housing market report, a weak dollar and a surge in commodities are pushing the market to new 2009 highs.

The Dow Jones industrial average gained 133 points, or 1.2%, closing at 10,450.95, its highest point since October 2, 2008. The Dow rose as much as 177 points in the morning, hitting 10,495.61 -- the highest trading level since Oct. 3, 2008.

The Nasdaq composite climbed 30 points, or 1.4%, closing short of a 13-month high hit last week. The S&P 500 jumped 15 points, or 1.4% but ended short of its 13-month high hit last week.