US STOCKS-Wall St up on ‘buy the dip,’ data signals Fed’s move

* Consumer confidence worse than expected, home prices dip

* Apple slides at open, then cuts losses

* Walgreen jumps after earnings

* Dow up 0.5 pct, S&P up 0.5 pct, Nasdaq up 0.4 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to early afternoon)

By Rodrigo Campos

NEW YORK, Sept 28 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) rose on Tuesday
after opening lower on weak economic data, with investors
saying the data bolsters expectations the Fed will pump more
money into the economy, which would support equities.

The S&P 500 has risen about 9 percent so far in September,
making it one of the best months for the index in 20 years.

Some of the strength in equities “is related
to the fact the Fed’s been signaling they’re going to be easy
and some of the short-term economic data probably doesn’t
matter that much,” said Perry Piazza, director of investment
strategy at Contango Capital Advisors in San Francisco.

“Everybody expected seasonal weakness in September and
they’re not getting it so they’re forced to hop on board the
rally,” he said. “People are buying dips.”

U.S. Treasury debt prices also rose, as the weaker-than
expected data increased expectations that the Fed will give the
economy more support.

But the recent rally in bonds could be a bubble, Byron
Wien, the vice chairman of Blackstone Advisory Partners, told
Reuters Insider. He sees stocks moving higher, with little
chance of another recession.

The Dow Jones industrial average (.DJI: ) gained 55.10
points, or 0.51 percent, to 10,867.14. The Standard & Poor’s
500 (.SPX: ) rose 5.39 points, or 0.47 percent, to 1,147.55. The
Nasdaq Composite (.IXIC: ) added 9.24 points, or 0.39 percent, to

Walgreen Co (WAG.N: ), the biggest U.S. drugstore chain,
reported higher-than-expected quarterly earnings, helped by
strong prescription drug sales. Its shares jumped 12.3 percent
to $33.95. [ID:nN28124290]

Continuing the spurt of recent M&A activity, Endo
Pharmaceuticals Holdings Inc (ENDP.O: ) will buy private generics
maker Qualitest Pharmaceuticals for about $1.2 billion, marking
its second deal in as many months. Endo shares advanced 8.4
percent to $33.17.

September data showed U.S. consumer confidence fell to its
lowest level since February, underscoring lingering worries
about the strength of the economic recovery, while home prices
dipped in July. [ID:nN28177460]

Shares of Apple Inc (Read more about Apple stock future.) (AAPL.O: ) slid as much as 5.6 percent on
rumors its No. 2 executive was departing for Hewlett-Packard Co
(HPQ.N: ), but the stock recovered as analysts dismissed the
speculation. [ID:nN28185533].

Representatives from Apple and Hewlett-Packard declined to
comment. Apple shares shed 1 percent to $288.30 and HP rose 1.1
percent to $41.72.
(Reporting by Rodrigo Campos; Editing by Jan Paschal)

US STOCKS-Wall St up on ‘buy the dip,’ data signals Fed’s move