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Stocks open higher as home prices rise

Published: October 2, 2012 Comment on this article

NEW YORK (AP) — Stocks are opening higher on Wall Street after a big jump in U.S. home prices made investors more confident that the housing market is recovering.

photo - FILE - In this Thursday, Sept. 13, 2012 file photo, a pair of traders work in their booth on the floor of the New York Stock Exchange. Hopes that the U.S. is back in recovery mode has helped stocks start the new month on a relative high. (AP Photo/Richard Drew, File)

FILE - In this Thursday, Sept. 13, 2012 file photo, a pair of traders work in their booth on the floor of the New York Stock Exchange. Hopes that the U.S. is back in recovery mode has helped stocks start the new month on a relative high. (AP Photo/Richard Drew, File)

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The Dow Jones industrial average rose 14 points to 13,528 shortly after the opening bell Tuesday. It rose 78 points the day before.

The broader Standard & Poor's 500 index rose four points to 1,448. The Nasdaq composite gained 10 to 3,123.

CoreLogic, a private real estate data provider, said its measure of U.S. home prices rose 4.6 percent in August from the same month a year ago, the largest year-over-year increase in more than six years.

The report comes a day after a survey from the Institute for Supply Management pointed to an improvement in U.S. manufacturing.

European markets were also higher.