Stocks rise, helped by home builders, Tiffany
NEW YORK (AP) — Stocks are edging higher after the government reported a strong uptick in construction permits last month.
The Dow Jones industrial average rose 16.1 points to 16,088.70. The Standard & Poor’s 500 index gained 2 points to 1,804.40 and the Nasdaq composite added 14.6 points to 4,009.20.
Trading is light in the holiday-shortened week.
The Commerce Department reported U.S. homebuilders planned to build apartments at the fastest pace in five years in October, a signal they believe rentals will heat up in coming months. Shares of homebuilders Pulte, Toll Brothers, and Lennar all rose.
Shares of Tiffany & Co. are up 8.4 percent on strong quarterly earnings. Profit at the luxury retailer climbed 50 percent in the third quarter thanks to strong sales in Asia.