Stocks Open High Following Jump in Housing Starts

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Associated Press + More

By AP Business Writer, Associated Press

NEW YORK (AP) — U.S. stocks are opening higher on better news on the housing front.

American builders broke new ground on more single-family homes in May and requested more permits to build homes and apartments than they have in the past three and a half years. The increase suggests the housing market is slowly recovering.

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Traders are also hopeful that the Federal Reserve will come up with plans to jumpstart the economy during its two-day meeting which starts today.

The Dow Jones industrial average opened up 73 points at 12,815 Tuesday. The Standard & Poor's 500 index rose eight points to 1,352 and Nasdaq composite rose 17 points to 2,912.

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