Stocks jump following rebound in home sales (AP)

NEW YORK – Some heartening news on housing and corporate earnings helped Wall Street set aside a little of its angst about the economy Tuesday. The Dow Jones industrials jumped more than 150 points.

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The National Association of Realtors said buyers stepped in to snap up properties at steep discounts in December, especially in the South and Midwest. Its seasonally adjusted index of pending sales for preowned homes rose 6.3 percent to 87.7 in the final month of the year from an upwardly revised November reading of 82.5. Wall Street welcomed the news; investors are looking for any signs that the housing industry slide is slowing. "The market is encouraged by the more upbeat report on housing, albeit from a low level," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "A key element of the current malaise is housing and credit-related. And the report on home sales suggests that we are making progress on that front." Stocks also gained following several upbeat earnings reports. Drugmakers Merck & Co. and Schering Plough led health care stocks higher after their quarterly numbers came in better than expected.

Full Story: Stocks jump following rebound in home sales (AP)