U.S. stock markets rose Wednesday afternoon, the result of key economic reports that showed increases in the sale of new homes and in major manufactured goods.
The Dow Jones Industrial Average was up 89 points, to 7749.81, at the close of U.S. markets.
The Dow was up more than 160 points at mid-morning. Stock prices began falling at about noon after higher-than-forecast yields in a Treasury auction of five-year notes spurred concern that government attempts to lower interest rates would fail. They fell by more than 70 points before a rally in the final hour of trading.
The Standard & Poor 500-stock index closed at 813.88. The NASDAQ closed at 1,528.95.
Sales of new homes in the country rose 4.7 percent in February, after six months of consecutive declines, according to a Commerce Department report.
The meltdown of the home-mortgage industry triggered the recent economic turmoil and downturn in the country.
A second Commerce Department report released Wednesday morning showed orders to U.S. factories for durable goods unexpectedly increased in February, after a record six straight declines.
The report stated the orders increased 3.4 percent last month, compared to the 2 percent decrease economists expected.
The increase was bolstered by orders for military aircraft and parts, machinery, computers and metal products.
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