U.S. S & P 500 Index Futures advance before new home sales data

April 25, 2011, 5: 31 pm EDT by Kana Nishizawa

April 25 (Bloomberg) - future pink Index of the U.S. Standard & Poor 500 before the release of the new house data sales March, indicating the tonnage may rise for the seventh time in eight days.

S & P 500 futures expiring in June increased by 0.3% to 1,335.40 5 h 08 in New York. Contracts on the Dow Jones gained 0.2% at 12,462 and future of the Nasdaq-100 index advanced 0.3% to 2,381.50. U.S. markets close on 22 April for the holidays and resume trade today. "The prospects for the US economy appears to be stable,"said Ayako sera, a strategist at Sumitomo Trust & Banking Co. in Tokyo, which manages about 331 billion dollars in assets. "Corporate profits are looking positive." New data out coming home sales will probably show a rebound from the previous month. "A report by the Government now can show the United States purchases of new homes climbed 12 percent last month, according to the median estimate in a Bloomberg News of 64 economists survey. Purchases dropped by 17% in February. Reports on durable goods orders and the gross domestic product are also due this week.The & S P 500 increased 0.5% April 21 to 1,337.38, the highest level since February 18, as Apple Inc. and Morgan Stanley earnings beat estimates of analysts. S & P 500 profits exceed projections of 9.8% so far this season, according to data compiled by Bloomberg.Advanced Micro "we were expecting relatively strong gains and that has really come through this season," Jim McDonaldHead north of the Trust Corp. in Chicago investment strategist, said in an interview with Bloomberg Television today. "He is really showing evidence of the global economic recovery."After the market closed last, Advanced Micro Devices Inc., the second manufacturer of processors for personal computers, announced first-quarter profits that beat analysts forecasts. International Game Technology, a large manufacturer most machines slots, posted a second quarter adjusted profit of 23 cents per share topped the average estimate 2 cents analyst.The & S P 500 jumped 6.3% in 2011, extending from rally of 13 per cent last year. Companies in the trade of gauge for profit estimated 13.7 times, compared with an average of 18.1 times reported profit in the last decade.

-With the help of Susan Li in Hong Kong. Editors: Darren Boey, Reinie Booysen

To contact the reporter on this story: Kana Nishizawa in Tokyo at the knishizawa5@bloomberg.net.

To contact the responsible editor of the story: Nick Gentle at ngentle2@bloomberg.net.

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