Dow rebounds, gaining back half of Monday's loss

Strong economic reports boosts stocks.
Strong economic reports boosts stocks.

NEW YORK — Stocks posted their biggest gain since the beginning of the year today thanks to strong reports on housing and earnings.

The increase wiped out more than half of the market’s plunge from the day before.

The Dow Jones industrial average rose 157 points to 14,756 today, a gain of 1 percent. It dropped 265 on Monday.

The Standard & Poor’s 500 closed up 22 points at 1,574, or 1.4 percent. It was the biggest increase since Jan. 2.

The Nasdaq rose 48 points, or 1.5 percent, to 3,264.

Coca-Cola jumped 6 percent after reporting strong results. The government reported that home construction surged last month.

Five stocks rose for every one that fell on the New York Stock Exchange. Volume was average at 3.6 billion shares.