US stocks jump on strong housing, durable goods data

US stocks jumped Wednesday, following strong reports on the US housing market and durable goods orders.

Unnerved by looming government spending cuts, at the closing bell, the Dow Jones Industrial Average stood at 14,076.37, up 176.24 points (1.27 percent).

The broad-based S&P 500 rose 19.08 (1.27 percent) to 1,516.02, while the tech-rich Nasdaq Composite Index jumped 32.61 (1.04 percent) to 3,162.26.

The gains came after reports showed US pending home sales rebounded sharply in January to the highest level in almost three years.

Also, durable goods orders in January, excluding volatile aircraft, surged 1.9 percent, with gains particularly strong in capital goods, suggesting business confidence in the economy in upcoming months.