Stocks surge higher on two upbeat economic reports

By TIM PARADIS
Updated 43 days, 5 hours 42 minutes ago

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(AP)  -  Stocks are surging higher after a double dose of good economic news. The University of Michigan's consumer sentiment index has come in higher than expected, and the Commerce Department also delivered a better than anticipated report on June home sales.

The consumer sentiment index for the first part of July came in at 61.2, while economists forecast a reading of 56.4.

Meanwhile, the Commerce Department said sales of new single-family homes dropped by 0.6 percent last month to a seasonally adjusted annual rate of 530,000 units. The market expected sales to total 505,000.

The Dow Jones industrials, which fluctuated in earlier trading, are up about 82 at the 11,432 level.