Stocks turn higher following jump in home prices

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Associated Press

Posted on February 5, 2013 at 9:01 AM

Updated Tuesday, Feb 5 at 9:04 AM

NEW YORK (AP) — Stocks are turning higher in early trading on Wall Street following a spike in home prices and strong earnings reports from Kellogg and other U.S. companies.

The upturn comes a day after the stock market had its worst day of the year.

The Dow Jones industrial average rose 83 points to 13,963 shortly after the opening bell Tuesday. It fell 129 points the day before.

The Standard & Poor's 500 index rose nine points to 1,505 and the Nasdaq composite index rose 11 to 3,142.

Home prices jumped by the most in 6½ years in December, thanks to a low supply of available homes and rising demand.

Kellogg, which makes Froot Loops, Eggo waffles and Pop Tarts, reported an 18 percent increase in sales. The stock rose 2 percent.

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