(NEW YORK) — Stocks closed higher with a second straight day of gains Wednesday on some welcome economic news about pending home sales and factory orders.
The Dow finished at 12,626.93, adding 92 points for the session. The Nasdaq gained 21 points and closed at 2,875.32. The S&P added 12 points, closing at 1,331.85.
More people are buying homes. The National Association of Realtors says contracts to buy previously occupied homes jumped last month by the fastest pace in two years.
After two weak months, factory orders increased by more than a percent in May.
Meanwhile, the price of oil is up. The nation’s crude oil supplies are down and the price at the pump is lower. Benchmark crude dropped to less than $81 a barrel. The national average for regular gasoline is down to $3.38 a gallon.
Copyright 2012 ABC News Radio
Julia Horowitz, CNN
Erin McClam, CNN
Susan Scutti, CNN