Stocks jump after home prices, confidence surge

AP News
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Posted: May 28, 2013 4:05 PM
Stocks jump after home prices, confidence surge

NEW YORK (AP) — Stocks are closing higher on Wall Street after U.S. home prices rose the most in seven years and consumer confidence reached a five-year high.

The market was bouncing back from a loss last week.

The yield on the 10-year Treasury note jumped to its highest level in over a year as traders sold low-risk assets and moved money into stocks.

The Dow Jones industrial average rose 106 points to close at 15,409 Tuesday, a gain of 0.7 percent and another record high.

The Standard & Poor's 500 index rose 10 points to 1,660, or 0.6 percent. The Nasdaq composite rose 29 points to 3,488, or 0.9 percent.

Three stocks rose for every two that fell on the New York Stock Exchange. Volume was lighter than average at 3.3 billion shares.