Stocks bounce higher on strong economic reports

NEW YORK (AP) — Stocks are rising in midday trading on Wall Street after several encouraging economic reports brought buyers back to the market.

Homebuilder stocks rose sharply after home prices jumped in April and Lennar reported better earnings than the market was expecting.

Durable goods orders rose and consumer confidence soared.

The Dow Jones industrial average was up 92 points, or 0.6 percent, to 14,752 at midday Eastern Dayligh Time. The Dow slumped 139 points the day before.

The Standard & Poor’s 500 was up 11 points, or 0.7 percent, at 1,584. Technology and bank stocks rose the most.

The Nasdaq composite was up 19 points, or 0.6 percent, at 3,340.

The yield on the 10-year Treasury note rose to 2.59 percent from 2.54 percent late Monday.

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