Stocks bounce higher on strong economic reports

Stronger economic reports send stock market higher; Dow recovers from a slump a day earlier

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) -- Stocks are ending higher on Wall Street after several encouraging economic reports brought buyers back to the market.

Home prices jumped in April. Durable goods orders also rose and consumer confidence soared.

The Dow Jones industrial average rose 100 points, or 0.7 percent, to close at 14,760 Tuesday. The Dow slumped 139 points the day before.

The Standard & Poor's 500 index rose 14 points, or 1 percent, to 1,588. Telecommunications and bank stocks rose the most.

The Nasdaq composite rose 27 points, or 0.8 percent, at 3,347.

The yield on the 10-year Treasury note rose to 2.60 percent from 2.54 percent late Monday.

The gains were broad. Four 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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