Stocks bounce higher on strong economic reports
NEW YORK – Stocks are ending higher on Wall Street after several encouraging economic reports brought buyers back to the market.
Home prices jumped in April. Durable goods orders also rose and consumer confidence soared.
The Dow Jones industrial average rose 100 points, or 0.7 percent, to close at 14,760 Tuesday. The Dow slumped 139 points the day before.
The Standard & Poor's 500 index rose 14 points, or 1 percent, to 1,588. Telecommunications and bank stocks rose the most.
The Nasdaq composite rose 27 points, or 0.8 percent, at 3,347.
The yield on the 10-year Treasury note rose to 2.60 percent from 2.54 percent late Monday.
The gains were broad. Four stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.6 billion shares.