NEW YORK: Stocks rose on Wednesday after data showed new-home construction at a four-year high, offsetting disappointing results from technology bellwethers.
“If we’ve had one sector increasingly positive, it’s been housing, and today’s data proves that out again. That said, we’re in the middle of earnings season, and that’s a bumpier ride now,” said Art Hogan, market strategist at Lazard Capital Markets.
Bank of America Corp. shed 0.2 percent after the lender and Dow component posted a profit of $340 million, but also reported revenue that missed Wall Street estimates.
Up for a fourth consecutive session, its longest win streak in nearly five weeks, the Dow Jones industrial average gained 5.22 points to 13,557. The S&P 500 index added 5.99 points to 1,460.91. The Nasdaq composite advanced 2.95 points to 3,104.12.
Wednesday marked a third straight day of gains for the S&P 500 and the Nasdaq.