US stocks rise on home prices, earnings

US stocks have bounced back from Monday's losses and moved higher on a solid report on home prices and decent earnings results.

Five minutes into trade on Tuesday, the Dow Jones Industrial Average rose 66.00 (0.43 per cent) to 15,587.97.

The broad-based S&P 500 added 6.90 (0.41 per cent) at 1692.23, while the tech-rich Nasdaq Composite Index increased 14.29 (0.40 per cent) to 3613.43.

Stocks had retreated on Monday ahead of a busy week of economic news, including a Federal Reserve monetary policy meeting that opens on Tuesday and the monthly jobs report on Friday.

Tuesday's gains came after the S&P/Case-Shiller index of home prices showed prices in the 20 largest US cities increased 2.4 per cent in May compared with April, and were up a better-than-expected 12.2 per cent from May 2012.

Pharmaceutical giant Pfizer and a number of smaller companies also reported earnings, with most of the bigger companies meeting or exceeding profit expectations.

AFP jel

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