Wall Street Bounces Back On CPI, Housing Starts

Category: Companies / Apr 16, 2013 11:35AM EDT
Wall Street rose at the open on Tuesday, rebounding from the worst day since November, after gold prices made a modest recovery and data on U.S. inflation and new home construction pointed to an improving economy. U.S. stocks posted their worst day since November 7 on Monday as big declines in the price of gold, oil and other commodities fed a broad selloff in equities. Spot gold gained 2.8 percent as the market tried to steady after the precious metal recorded its biggest ever daily drop in dollar terms in the prior session. But even as physical buyers seized on the lower prices, investors remained jittery about further declines. The Dow Jones industrial average .DJI gained 115.30 points, or 0.79 percent, to 14,714.50. The Standard & Poor's 500 Index .SPX climbed 12.70 points, or 0.82 percent, to 1,565.06. The Nasdaq Composite Index .IXIC rose 25.79 points, or 0.80 percent, to 3,242.28. (Video Source: REUTERS)