Wall Street closes slightly higher

US stocks pull back from early gains spurred by release of strong housing data

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.

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