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S&P nears record as home price surge lifts stocks

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By The Associated Press
Tuesday, March 26, 2013, 5:03 p.m.
 

NEW YORK — The Standard & Poor's 500 index closed within a short reach of its all-time high on Tuesday. The S&P 500 rose 12.08 points, or 0.8 percent, to close at 1,563.77, driven by rising home prices and orders for manufactured goods. That's less than two points from the peak it reached on Oct. 9, 2007, before a recession and ensuing financial crisis battered markets.

The Dow Jones industrial average rose 111.90 points, also 0.8 percent, to 14,559.65.

The stock market's gains were widely shared. All 10 industry groups in the S&P 500 rose.

e, with health care and energy companies leading the way.

The S&P 500, used by investors as a proxy for the overall market, is up 9.6 percent so far this year. The Russell 2000 has fared better, rising 11.8 percent.

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