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Published: Wednesday, 3/27/2013

Jump in home prices sends stock indexes higher

Traders work on the floor of the New York Stock Exchange. Traders work on the floor of the New York Stock Exchange.

NEW YORK — The latest signs of recovery in the U.S. housing market are sending stocks higher on Wall Street.

The Dow Jones industrial average was up 90 points, or 0.6 percent, at 14,537 at midday today.

The Standard & Poor's 500 index rose eight points, or 0.5 percent, to 1,559. The Nasdaq composite was up 10 points, or 0.3 percent, to 3,244.

Housing prices rose in January at the fastest pace since the summer of 2006, before the housing bubble popped. The Standard & Poor's/Case-Shiller 20-city price index climbed 8.1 percent. Prices rose in all 20 cities, led by Phoenix.

Indexes edged higher in France, Britain, and Germany as investors gain confidence in a new bailout plan arranged for Cyprus and its banking system.

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