The sales of existing homes in the United States climbed 1.5% to an annual rate of 5.26 million unitsThe stock markets in the United States gained driven by economic data showing the strength of the American economy. The data overshadowed reports regarding the slowdown of the manufacturing sector in China and Europe. Sign Up For Our Free Newsletter The National Association of Realtors NAR reported that the sales of existing homes in the United States climbed 1.5% to an annual rate of 5.26 million units in October. In a statement, Lawrence Yun, chief economist at NAR stated described the housing market this year as a tale of two halves. According to him, "Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at low not seen since last summer, improving inventory and stabilizing price growth." Yun added that the job market showed continued strength over the past six months, which bodes well for solid demand to close out the year and the possibility of year-over-year sales increases. On the other hand, the Philadelphia Federal Reserve manufacturing index rose higher than estimates. The index of leading economic indicators was higher than estimated. The manufacturing and services sector in the European region declined while the Purchasing Managers' Index PMI in China dropped below expectations of economist at 50%, which is the midpoint of expansion and contraction. In a telephone interview with Bloomberg, Paul Zemsky, heal of multi-asset strategies at Voya Investment Management commented, "The swing from this morning was powerful, that shows you there's strength and the data is quieting market fears about growth." Zemsky added, "We got some concerning numbers out of Europe and softness in China but the data in the U.S. continues to be mixed to better. It favors the U.S. and that's good for markets.