Stocks open sharply higher on Wall Street

AP News
Posted: May 28, 2013 9:46 AM
Stocks open sharply higher on Wall Street

NEW YORK (AP) — A jump in home prices is helping send the stock market sharply higher in early trading.

The Dow Jones industrial average rose 143 points to 15,447 shortly after the opening bell Tuesday, a gain of 1 percent.

The Standard & Poor's 500 index was up 17 points at 1,666, or 1.1 percent. The Nasdaq composite was up 41 points at 3,500 or 1.8 percent.

Markets were closed Monday for the Memorial Day holiday.

U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006, according to the Standard & Poor's/Case-Shiller home price index.

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Home builder stocks rose after the report came out. Beazer Homes rose 2 percent.

Tiffany rose 6 percent after the jewelry store operator reported earnings gains in all its regions.