Stocks edged mostly higher as sales of existing homes in the U.S. rose more than expected and Japan’s central bank expanded a bond-buying program meant to boost its economy.
The Dow Jones Industrial Average climbed 14 points, or 0.1%, to 13579 in midmorning trading.
The Standard & Poor’s 500-stock index added one point, or 0.1%, to 1459. Consumer-discretionary and materials shares in the index advanced while the energy sector lagged behind. The Nasdaq Composite index fell four points, or 0.1%, to 3174.
“We’re seeing that there are some triggers in the real economy that people can hang their hats on,” said Diane Jaffee, senior portfolio manager at TCW Group. “Home sales are one of them.”
Sales of previously occupied homes in August climbed 7.8% from a month earlier, topping economists’ expectations, according to a National Association of Realtors report.
Other readings on the housing market were mixed. August housing starts rose less than economists expected in August, the Commerce Department reported. Construction of single-family homes rose to the highest level in more than two years, while apartments saw a decline. Building permits fell less than economists had projected.
The Bank of Japan eased its monetary policy further by increasing the size of its asset-purchase program to 80 trillion yen ($1.01 trillion) from Y70 trillion, and by extending the program’s deadline by six months, to the end of 2013.
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