Recovery in home sales, tame inflation news send stocks higher; Home Depot gains on earnings

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NEW YORK, N.Y. – U.S. stocks are closing higher after investors got some encouraging news about home building and corporate earnings.

The Dow Jones industrial average rose 80 points, or 0.5 per cent, to close at 16,919 Tuesday.

The Standard & Poor’s 500 index rose nine points, or 0.5 per cent, to 1,981. The index is now six points below the record high close it reached on July 24.

The Nasdaq climbed 19 points, or 0.5 per cent, to 4,527.

Investors were encouraged by a bounce in home construction last month and news that consumer prices rose at the slowest pace in five months.

Home Depot jumped 6 per cent after its income surged thanks to a rebound in its spring selling season.

Bond prices were flat. The yield on the 10-year Treasury note held at 2.40 per cent.

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