Dow soars to highest level in more than 5 years
NEW YORK (AFP) - Strong reports on the US housing market and durable goods orders propelled stocks higher on Wednesday, with the much-watched Dow index reaching its highest level in more than five years.
The Dow Jones Industrial Average rose 175.24 (1.26 per cent) to 14,075.37, reaching its best finish since October 12, 2007.
The broad-based S&P 500 rose 19.05 (1.27 per cent) to 1,515.99, while the tech-rich Nasdaq Composite Index jumped 32.61 (1.04 per cent) to 3,162.26.
The gains came after reports showed US pending home sales rebounded sharply in January to the highest level in almost three years.