Stocks bounce higher in early trade on Wall Street

Stronger economic reports send stocks higher in early trading on Wall Street

Associated Press
Asia stocks gain on hopes Fed stimulus to stay
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In this Thursday, June 20, 2013 photo, specialist Stephen Ruiz, left, and trader Michael Smyth work on the floor of the New York Stock Exchange. Asian stock markets were mostly lower Tuesday June 25, 2013 as investors continued their flight from risky assets on the prospect of slower Chinese growth and the winding down of the U.S. Federal Reserve's monetary stimulus. European markets rebounded. (AP Photo/Richard Drew)

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.

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