Signs of improvement in the housing market for January drove up the Dow Jones industrial average for a second consecutive day of more than 100-point gains. Tuesday’s report that more people had contracts to purchase homes in January paired with the news that homebuilder D.R. Horton experienced its first profit in more than three years gave consumers confidence in the lagging market. The National Association of Realtors released data that indicated the index of sale contracts rose 1 percent in December. The announcement helped buoy the remainder of the market which prior to Monday, had been hard hit by news of new bank regulations and less than promising unemployment numbers.
The Dow Jones industrial average gained 1.1 percent of 111.32, or to reach 10,296.85 at closing. The tech-heavy Standard & Poor's 500 index, which was hard hit last week, rose 14.13, points or 1.3 percent, to 1,103.32. The Nasdaq composite index also fared well Tuesday, tacking on 18.86, or 0.9 percent, to 2,190.06.
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