Michael Capolino, right, works with fellow traders on the floor of the New York Stock Exchange Tuesday, April 16, 2013. Stocks are sharply higher in early trading, a day after the market's worst drop this year, as the government reported a surge in home construction last month. (AP Photo/Richard Drew)
NEW YORK — The stock market is rebounding from its worst day of the year thanks to strong reports on housing and company earnings.
The Dow Jones industrial average was up 134 points, or 0.9 percent, at 14,733 as of noon today, making up half of the 265 points it lost a day earlier.
Home construction topped 1 million last month, the highest level since June 2008.
Strong earnings from companies including Coca-Cola also propelled the market higher. Coke jumped 6 percent to $42.27.
The Standard & Poor’s 500 climbed 16 points to 1,569, a gain of 1 percent.
The Nasdaq composite rose 37 points to 3,253, a rise of 1.1 percent.
Small company stocks rose even more than the broader market as investors moved money into riskier investments.