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Wall Street closes slightly higher

US stocks pull back from early gains spurred by release of strong housing data
By · 27 Feb 2014
By ·
27 Feb 2014
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United States inched slightly higher at the close of trade, pulling back from more substantial earlier gains after flirting with record highs on the back of a positive sign for the housing market.

Stocks had opened cautiously ahead of Federal Reserve Chair Janet Yellen's testimony in Congress tomorrow, but added ground on a report showing new home sales were at their highest level in six years in January.

At the closing bell, the Dow Jones Industrial Average rose 18.75 points, or 0.12%, at 16,198.41.

The broader S&P 500 added 0.04 of a point to 1,845.46, falling just short of the highest close for the S&P 500, recorded on January 15 this year, at a level of 1848.38.

The tech-heavy Nasdaq Composite rallied 4.48 points, or 0.10%, to 4,292.06.

Adding to the bullish tone was strong earning reports from two leading retailers and the world's largest brewer.

Department store Target and hardware retailer Lowe's both surged over 6% on earnings guidance, while AB InBev lifted 2.5% as its profit topped analyst expectations.

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