DOW TOPS 9000: Home sales rise

The Dow Jones industrials are back above 9,000 for the first time since the beginning of January. A report Thursday of a jump in home sales eased investors’ worries about one of the economy’s biggest trouble spots. They responded by buying stocks across the market, lifting the major indexes more than 1.5 percent and sending the Dow up more than 100 points past 9,000.

A real estate group said sales of previously occupied homes rose 3.6 percent from May to June. It was the third straight monthly increase and fed investors’ hopes that the overall economy is strengthening.

Over an hour into the session, the Dow Jones industrial average (INDU) had gained 147 points, or 1.7%, moving as high as 9,033, its highest level since Jan. 6. The S&P 500 (SPX) index added 15 points, or 1.6%. The Nasdaq composite (COMP) gained 28 points, or 1.5%.

The Dow and S&P 500 ended lower Wednesday, but the Nasdaq managed an 11th straight session of gains for its longest win streak since September 1996. Better-than-expected results from Apple and others led the tech average higher.

Another batch of better-than-expected results led the broader advance Thursday. Several better-than-expected earnings reports also helped boost investor sentiment. Ford Motor Co. surprised the market with a second-quarter profit of $2.3 billion due mainly to a huge gain for debt reduction, while drug maker Wyeth, cigarette maker Philip Morris International Inc. and candy maker Hershey Co. all raised their profit forecasts for the year.