Stocks Jump After Home Prices, Confidence Surge

By: Associated Press Email
By: Associated Press Email

Associated Press Release

NEW YORK (AP) -- Stocks surged in early trading following a three-day weekend after U.S. home prices rose the most in seven years.

Home prices in the U.S. rose 10.9 percent in March, the most since April 2006, according to the Standard & Poor's/Case-Shiller home price index. Home builder stocks rose following the report.

Stocks extended their gains after consumer confidence rose in May to its highest level in five years.

The Dow Jones industrial average was up 206 points, or 1.4 percent, to 15,514 as of 10:10 a.m. Eastern Daylight Time Tuesday.

The Standard & Poor's 500 index rose 23 points, or 1.4 percent, to 1,673.

Markets were closed Monday for Memorial Day.

Tiffany rose 5 percent after the jewelry company said its sales improved across all regions.

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