Dow Jones reaches it highest level in five years as U.S. housing improves

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Source: Dukascopy Bank SA
© scanpix/AFP
The Wall Street was green on Wednesday, as better-than-forecast data on U.S. housing bolstered bullish sentiment in stocks and European stocks edged higher, as Italian bond auction reached its maximum target. The Dow Jones Industrial Average rallied 1.3%, or 175.24 points, to 14,077.85, its highest in five years. All ten groups inched up. JPMorgan Chase & Co led gains in financials, as its shares jumped 3.5% to $49.28. Caterpillar Inc. followed with a 2.6% increase to close at $92.25, as orders for durable goods rose in January, indicating that companies plan to increase their capacity. Boeing Co soared 2.3%, as the congressional audit found that Boeing's development project for the new KC-46 tanker is rather stable. On the downside, McDonald's Corporation erased 0.5% on news its competitor Subway is planning to open 50,000 more locations in four years. Hewlett-Packard slid 0.10% to $19.77.
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