Stock indexes close higher on hopes for Fed

Stock Market
Posted at 5:40 PM, May 21, 2013
and last updated 2013-05-21 17:40:00-04

NEW YORK (AP) — Stocks are closing higher on Wall Street as investors bank on continued support from the Federal Reserve.

The Dow Jones industrial average rose 52 points to close at 15,387 Tuesday, an increase of 0.3 percent.

The Standard & Poor's 500 index rose three points to 1,669, or 0.2 percent. The Nasdaq composite rise five to 3,502, or 0.2 percent.

Stock indexes wobbled between gains and losses in early trading, then took a turn higher after James Bullard, head of the Fed's St. Louis branch, said the Fed should keep buying bonds to energize the economic recovery.

Home Depot rose 2.5 percent after reporting an 18 percent increase in income.

More stocks rose than fell on the New York Stock Exchange. Volume was average at 3.5 billion shares.