US stocks rise on positive housing report

US stocks rise on positive housing report

NEW YORK - US stocks rose Tuesday after a report on US housing starts suggested more momentum in the recovering housing sector.

Five minutes into trade, the Dow Jones Industrial Average rose 38.45 points (0.27 per cent) to 14,490.51.

The broad-based S&P 500 increased 4.50 (0.29 per cent) to 1,556.60, while the tech-rich Nasdaq Composite Index jumped 9.33 (0.29 per cent) to 3,246.92.

Financial markets remained leery about Cyprus after a proposed bailout included taxes on bank deposits.

But US investors were heartened by housing data that showed housing starts edged higher in February after a plunge in January, with single-family housing starts at their highest level since June 2008.

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