Wall Street Rises As Home Prices Advance, Durable Goods Orders Jump

Category: Economy / Mar 26, 2013 10:51AM EDT
Wall Street rose in early trade on Tuesday after favorable housing data. Although sales of new single-family homes fell more than expected in February, U.S. home prices were higher for second month in a row. The Commerce Department said on Tuesday sales dropped 4.6 percent to a seasonally adjusted annual rate of 411,000 units, as last month's decline followed a 13.1 percent jump in January. The S&P/Case-Shiller index of property values in 20 cities climbed 8.1 percent in January from the same month in 2012 after rising 6.8 percent in the year ended in December. A separate report showed that durable goods orders jumped last month, while consumer confidence dropped more than forecast, and fell for the third month in a row. Durable goods orders jumped 5.7 percent last month as demand for transportation equipment rebounded strongly, the Commerce Department report reported. Other data showed consumer confidence cooled as the Conference Board’s index declined to 59.7 from a revised three-month high of 68 in February. The Dow Jones Industrial Average gained 94.90 points, or 0.7 percent, to 14,542.65 at 10:12 a.m. in New York. The S&P 500 rose 0.6 percent to 1,561.27. The Nasdaq Composite Index is up 13.47 points, or 0.37 percent, to 3,245.93. (Video Source: REUTERS)