Homebuilders Help Lift Stocks Higher
Homebuilders are leading major stock indexes higher at the close of trading. Rupert Murdoch’s News Corp. surged after the media conglomerate said it may split into two companies.
The Dow Jones industrial average rose 32 points to close at 12,535 on Tuesday. The broader Standard & Poor’s 500 index rose six points to 1,320.
PulteGroup, Lennar and other housing stocks climbed after a measure of national home prices rose 1.3 percent in April, the first increase in seven months.
News Corp. jumped 8 percent. The company confirmed that it’s contemplating a breakup into two publicly traded companies.
In other trading, the Nasdaq composite rose 18 points to 2,854.
Nearly two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was thin at 3.3 billion.
(Copyright 2012 by The Associated Press. All Rights Reserved.)