| | |  Business News | September 2009 
Mexican Stocks Rise on Stronger U.S. Housing Data
 Michael O'Boyle - Reuters
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September 29, 2009
Mexico City - Mexican stocks advanced on Tuesday as U.S. housing prices rose for the third straight month, adding more evidence the battered housing market in the United States was bottoming out.
Mexico needs a recovery in the United States, its main trading partner, to pull it out of its own deep slump. Growth data for July on Monday suggested Mexico has begun to pull out of its own recession.
The IPC stock index .MXX rose 0.56 percent to 29,535 as industrial conglomerate Alfa (ALFAA.MX) and homebuilder Geo (GEOB.MX) both added more than 2 percent.
The peso MXN=MEX01 firmed 0.06 percent to 13.535 per U.S. dollar.
The S&P/Case-Shiller 20-city U.S. home price index for July rose 1.6 percent, beating estimates. Rising home prices could help restore consumer confidence and heal bank balance sheets following last year's crisis.
(Editing by Theodore d'Afflisio)
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