Wall Street Resumes Rally Following Housing Report

By: Stephen Bernard and Tim Paradis AP
By: Stephen Bernard and Tim Paradis AP

NEW YORK (AP) - Investors have restarted Wall Street's rally following a surprisingly upbeat report on home construction.

Financial, home builder and energy stocks have led the market to another sharp jump Tuesday after the government said home construction rose in February. Traders see stability in the housing market as key to the economy's recovery.

According to preliminary calculations, the Dow Jones industrial average is closing up 179 at 7,396. The Standard & Poor's 500 index is up 24 at 778. The Nasdaq composite index is up 58 at 1,462.

More than four stocks rose for every one that fell on the New York Stock Exchange. Volume came to a light 1.5 billion shares.

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