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Wall Street rebounds from its biggest drop of the year on strong housing, earnings
NEW YORK, N.Y. – The stock market is rebounding from its worst day of the year thanks to strong reports on housing and company earnings.
The Dow Jones industrial average was up 134 points, or 0.9 per cent, at 14,733 as of noon eastern Tuesday, making up half of the 265 points it lost a day earlier.
Home construction topped 1 million last month, the highest level since June 2008.
Strong earnings from companies including Coca-Cola also propelled the market higher. Coke jumped 6 per cent to $42.27.
The Standard & Poor’s 500 climbed 16 points to 1,569, a gain of 1 per cent.
The Nasdaq composite rose 37 points to 3,253, a rise of 1.1 per cent.
Small company stocks rose even more than the broader market as investors moved money into riskier investments.
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