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US stocks higher on housing price survey

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(Globalpost/GlobalPost)

US stocks opened higher Tuesday after a leading index of housing prices showed a steep price increase.

Five minutes into trade, the Dow Jones Industrial Average rose 54.95 (0.38 percent) to 14,502.70.

The broad-based S&P 500 jumped 6.12 (0.39 percent) to 1,557.81, while the tech-rich Nasdaq Composite Index increased 13.05 (0.40 percent) to 3,248.35.

The trading came after S&P/Case-Shiller Home Price index showed average home prices rose 8.1 percent for 20 leading cities for the 12 months ending in January 2013.

The rise was the highest year-over-year increase since summer 2006, said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

jmb/pmh

http://www.globalpost.com/dispatch/news/afp/130326/us-stocks-higher-housing-price-survey