Stocks edge higher, helped by homebuilder stocks and jewelry chain Tiffany
NEW YORK, N.Y. – The stock market is closing slightly higher after good news from the housing industry.
The Dow Jones industrial average edged up less than a point to close at 16,072 Tuesday. The Standard & Poor’s 500 index also rose less than a point to 1,802. The Nasdaq composite added 23 points to 4,017.
The Commerce Department reported U.S. developers planned to build apartments at the fastest pace in five years in October, a signal they believe rentals will heat up in coming months. The stock prices of homebuilders Pulte, Toll Brothers, and Lennar all rose.
Tiffany & Co. rose $7.03, or nine per cent, to $88.02, after reporting strong quarterly earnings. Earnings at the luxury retailer climbed 50 per cent in the third quarter, thanks to robust sales in Asia.
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