Wall St closes higher as outlook brightens

United States stocks closed solidly higher following strong reports on durable goods orders and home sale prices.

United States stocks closed solidly higher following strong reports on durable goods orders and home sale prices.

At the closing bell, the Dow Jones Industrial Average was up 100.75 points, or 0.69%, to 14,760.31 points.

The broad-based S&P 500 added 14.94 points, or 0.95%, to close at 1,588.03 points.

The tech-rich Nasdaq Composite Index rose 27.13 points, or 0.82%, to close at 3,347.89 points.

US markets have been brittle in recent days after the Federal Reserve signalled last week that it was likely to soon scale back its bond-buying program.

Most equity markets worldwide sank on Monday on concerns about China.

New orders for US manufactured durable goods rose by 3.6% in May, well above the 3% increase forecast by analysts.

The S&P/Case-Shiller Home Price Indices also showed significant price increases, with average home prices jumping 11.6% and 12.1% for the 10- and 20-city composites over the last 12 months.

The report showed the highest monthly gains in the history of the report, S&P said.

The yield on the 10-year Treasury note rose to 2.589%, up from 2.546% in the previous session. Treasury yields have soared of late recently amid rising worries that the US Federal Reserve could begin tapering its stimulus spending sometime later this year.