NEW YORK (AP) — Encouraging reports on home prices and orders for manufactured goods are sending stock prices higher in early trading on Wall Street.
Homebuilder stocks rose sharply after home prices rose sharply in April and Lennar reported better earnings than the market was expecting.
The Dow Jones industrial average was up 94 points, or 0.7 percent, to 14,753 after the first 10 minutes of trading. The Dow slumped 139 points the day before.
The Standard & Poor’s 500 was up 13 points, or 0.9 percent, at 1,586. Banks rose the most of the 10 industry sectors in the index.
The Nasdaq composite was up 35 points, or 1.1 percent, at 3,356.
Orders for durable goods rose 3.6 percent last month, matching April’s gain. The increase was more than economists had expected.