Wall Street advanced with robust economic data

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Wall Street advanced on Wednesday as robust economic data and better-than-expected corporate earnings signaled the global recovery is gaining momentum.

The Dow Jones ended up 40.43, or 0.39 percent, to 10,309.24. The Standard & Poor's 500 index gained 4.64, or 0.42 percent, to 1, 099.51 and the Nasdaq rose 12.10, or 0.55 percent, to 2,226.29.

Both the Dow Jones and S&P rallied for the second day in a row, while the Nasdaq gained for four straight sessions.

Wednesday's move came after a batch of encouraging economic data, signaling a moderate recovery is on the way.

The Commerce Department said before the opening bell that construction of new homes and apartments rose 2.8 percent last month to a seasonally adjusted annual rate of 591,000 units. That was the highest level in six months and better than economists' expectations, showing the real estate market was stabilizing. - PNA