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Stocks higher after jump in home sales

Stocks higher after jump in home sales

Reports showing jumps in home sales and factory orders are keeping stocks afloat.
Stocks reversed early losses and edged higher in early trading Wednesday after the Commerce Department said new home sales rose 9.6 percent in July _ the fourth straight monthly increase. Sales rose to 433,000, the strongest pace since September and well above the 390,000 figure economists expected.
Earlier Wednesday, the Commerce Department said orders for goods expected to last at least three years rose 4.9 percent in July _ the biggest jump in two years and more than the 3 percent increase economists had expected.
The day's news followed upbeat readings on consumer sentiment and home prices on Tuesday that sent stocks to fresh highs for the year.
The market's gains on Wednesday were modest, reflecting the caution that still pervades Wall Street. After a five-month run-up in stocks, with little break, investors are unsure how much further the market can go without seeing actual economic growth.
In morning trading, the Dow Jones industrials moved higher for a seventh straight day, rising 33.40, or 0.4 percent, to 9,572.69, after being down as much as 45 points prior to the home sales data.
The Standard & Poor's 500 index rose 3.26, or 0.3 percent, to 1,031.26, and the Nasdaq composite index rose 8.78, or 0.4 percent, to 2,033.01.


Updated : 2021-04-20 03:49 GMT+08:00