Jump in Housing Starts, Earnings Sends Stocks Higher
A new sign of recovery in the housing market and strong earnings reports from big companies are sending stocks higher for a second day.
The Dow Jones industrial average rose 103 points to 12,909 at the close Wednesday. The Standard & Poor’s 500 index rose nine points to 1,373.
Technology stocks rose more than the rest of the market after Intel surprised investors with a strong earnings report late Tuesday. The Nasdaq composite climbed 33 points to 2,943. Those companies, plus industrials, were responsible for much of the market’s gains.
Home builders broke ground last month on the most new homes and apartments in nearly four years.
Three stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.6 billion shares.
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