Stocks Higher, Helped By Retail And Housing Stocks - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

Stocks Higher, Helped By Retail And Housing Stocks

By KEN SWEET
AP Markets Writer

NEW YORK (AP) - The stock market edged higher in morning trading Tuesday after strong earnings from luxury retailer Tiffany & Co. and a government report that showed homebuilders remain optimistic about future demand.

The Dow Jones industrial average rose 14 points to 16,087 as of 10:45 a.m. Eastern Time. The Standard & Poor's 500 index gained a point to 1,804. The Nasdaq composite added 9 points to 4,004.

Tiffany & Co.'s was the best performing stock in the S&P 500. The jewelry chain rose $6.14, or 8 percent, to $87.17 after it said third-quarter profit rose 50 percent because of strong sales in Asia. The company also raised its full-year forecast.

Homebuilder shares surged after the Commerce Department reported that approvals for housing permits rose in October at the fastest pace in five years. Those applications indicate that builders expect heightened demand.

While most of the growth in the report came from apartment permits, not homes, investors felt the data was positive.

"It's going to translate into job creation once those permits turn into actual construction," said Quincy Krosby, market strategist with Prudential Financial.

In other housing news, the Standard & Poor's/Case-Shiller 20-city home price index rose 0.7 percent from August to September, down from a 1.3 percent gain from July to August.

Shares of Pulte, Toll Brothers and Lennar all rose 2 percent or more.

Trading remained light during a holiday-shortened week. Stock and bond markets are closed Thursday in observance of the Thanksgiving. On Friday, the New York Stock Exchange and Nasdaq will close early.

Investors are paying close attention to any details from retailers as Black Friday approaches.

Due to the lateness of the Thanksgiving this year, the holiday shopping season is a week shorter than usual and that could affect the amount of shopping people can do. An increasing number of retailers are opening up on Thanksgiving, this Thursday, to draw in customers.

Already, many retailers have trimmed profit forecasts for the year, citing Americans hesitation to spend a lot of money. Barnes & Noble shares fell 66 cents, or 4 percent, to $15.78 after the bookseller's second-quarter sales fell short of Wall Street expectations.

The holiday shopping season can account for as much as 40 percent of the retail industry's annual sales. The National Retail Federation, the nation's largest retail trade group, expects an increase of 3.9 percent to $602.1 billion in holiday sales this year.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • Rubio defection threatens GOP's slim majority on tax bill

    Rubio defection threatens GOP's slim majority on tax bill

    Thursday, December 14 2017 3:54 AM EST2017-12-14 08:54:53 GMT
    Friday, December 15 2017 3:18 AM EST2017-12-15 08:18:38 GMT

    Generous tax cuts for corporations and the wealthiest Americans would be delivered in a sweeping overhaul of the tax laws, under a new agreement crafted by Republicans in Congress.

    Generous tax cuts for corporations and the wealthiest Americans would be delivered in a sweeping overhaul of the tax laws, under a new agreement crafted by Republicans in Congress.

  • US prosecutors move to cash in on $8.5M in seized bitcoin

    US prosecutors move to cash in on $8.5M in seized bitcoin

    Thursday, December 14 2017 6:15 PM EST2017-12-14 23:15:15 GMT
    Friday, December 15 2017 3:18 AM EST2017-12-15 08:18:22 GMT
    (AP Photo/Rick Bowmer)(AP Photo/Rick Bowmer)

    Federal attorneys prosecuting a multimillion-dollar opioid drug-ring case are moving quickly to sell seized bitcoin that's exploded in value to $8.5 million since the alleged ringleader's arrest.

    Federal attorneys prosecuting a multimillion-dollar opioid drug-ring case are moving quickly to sell seized bitcoin that's exploded in value to $8.5 million since the alleged ringleader's arrest.

  • Disney buying much of Fox, will help it compete with Netflix

    Disney buying much of Fox, will help it compete with Netflix

    Thursday, December 14 2017 7:24 AM EST2017-12-14 12:24:47 GMT
    Friday, December 15 2017 3:15 AM EST2017-12-15 08:15:58 GMT

    Disney is buying a big chunk of the Murdoch family's 21st Century Fox in $52.4 billion deal, gaining U.S. cable channels and a major film studio and growing overseas as it tries to meet competition from technology...

    Disney is buying a big chunk of the Murdoch family's 21st Century Fox in $52.4 billion deal, gaining U.S. cable channels and a major film studio and growing overseas as it tries to meet competition from technology companies.

Powered by Frankly