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Market Update : 
Affiliated Jumps 17% on $6 B Offer
Author: Elena Todorova
123jump.com
Last Update: 12:11 PM EDT March 20 2007


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U.S. stocks traded modestly higher, awaiting the Fed Reserve''s interest-rate decision. Investors received well the Commerce Department''s report that construction of new homes and apartments rose by 9%. However, homebuilders declined on the prospect of fewer permit applications. Toll Brothers, D.R. Horton, Centex, KB Home and Hovnanian Enterprises moved to the downside. Some deal talk also generated positive sentiment.

 
Gold prices rose. Gold traded in London at $654.40 per troy ounce, up from $653.50 late Monday. In Zurich, gold rose to $652.85, up from $651.80. Silver opened in London at $13.13 per troy ounce, down from $13.15.

Currencies

The U.S. dollar was mixed Tuesday against other major currencies in European trading. The euro traded at $1.3284, down from $1.3301 late Monday in New York. Other dollar rates compared with late rates Monday in New York included: 117.77 Japanese yen, up from 117.59; 1.2151 Swiss francs, up from 1.2124. The British pound traded at $1.9556, up from $1.9443.
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