Economics
Dow Rises to Five-Year High on Better-Than-Forecast Housing Data
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U.S. stocks rose, sending the Dow Jones Industrial Average to the highest level in five years, as better-than-estimated housing data bolstered economic optimism and European shares rebounded amid gains in Italian bonds.
FedEx Corp., operator of the world’s largest cargo airline and an economic bellwether, added 2.5 percent to pace gains in transportation shares. Priceline.com Inc., the biggest online travel agency by market value, added 2.6 percent after revenue growth in international markets pushed profit past estimates. Apple Inc. dropped 1 percent after its annual shareholder meeting. Target Corp. slid 1.5 percent as earnings fell amid the worst holiday-season store sales performance in four years.