Stock indexes close higher on hopes for Fed

Stocks turn higher after reassuring words from Fed official; Home Depot gains after earnings

Associated Press
Futures rise; all eyes on the Fed

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FILE - In this Tuesday, Feb. 21, 2012 file photo, traders work on the floor at the New York Stock Exchange in New York. Stock indexes are edging higher in early trading on Wall Street Tuesday, May 21, 2013, as investors look ahead to the Federal Reserve's next moves. (AP Photo/Seth Wenig, File)

NEW YORK (AP) -- Stocks are closing higher on Wall Street as investors bank on continued support from the Federal Reserve.

The Dow Jones industrial average rose 52 points to close at 15,387 Tuesday, an increase of 0.3 percent.

The Standard & Poor's 500 index rose three points to 1,669, or 0.2 percent. The Nasdaq composite rise five to 3,502, or 0.2 percent.

Stock indexes wobbled between gains and losses in early trading, then took a turn higher after James Bullard, head of the Fed's St. Louis branch, said the Fed should keep buying bonds to energize the economic recovery.

Home Depot rose 2.5 percent after reporting an 18 percent increase in income.

More stocks rose than fell on the New York Stock Exchange. Volume was average at 3.5 billion shares.

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