(By Salman - iStockAnalyst Writer)
US stocks finished higher on Tuesday as better than expected pending home sales boosted recovery hopes.
The Dow Jones Industrial Average rose 33.63 points or 0.36% to finish at 9,320.19. The S&P 500 gained 3.02 points or 0.30% to end at 1,005.6. The Nasdaq Composite advanced 2.70 points or 0.13% to 2,011.31.
The National Association of Realtors said that the pending home sales index rose 3.6% in June after an upwardly revised gain of 0.8% in May.Economists expects pending home sales to rise 0.7%.
A release by Commerce Department showed that
US consumer spending, which accounts for nearly two third of economy, rose 0.4% in June. Personal income declined 1.3% in June. Economists expected consumer spending to drop 1% and personal income to rise 0.3% in June.
Caterpillar Inc. (NYSE:
) soared $2.77 or 6.14% to $47.89.
Shares of Alcoa Inc. (NYSE:
), the largest US aluminusm maker surged 24 cents or 1.90% to close at $12.84.
Shares of Travelers Companies Inc. (NYSE:
) jumped $1.24 or 4.53% to $45.02.
Shares of Bank of America (NYSE:
) climbed 32 cents or 2.09% $15.64.JP Morgan Chase & Co. (NYSE:
) gained 61 cents or 1.54% to $40.21.
Pepsico Inc.
