At the time of this articles posting, Wall Street stocks have jumped over 2 percent which was sparked by two reports released today.
The first was by The National Association of Realtors which stated its index of pending home sales for previously occupied homes increased by 3.2 percent to 84.6 on the strength of nonresidential projects and government buildings which was well ahead of the projected 82.1 that economists had been expecting.
The second report was released by the Commerce Department which stated construction spending rose 0.3 percent which is the best showing since last September.
In turn, investors are more upbeat about the prospects that the economy over the last two months in addition to today's reports may indicate that the economy's slide could be slowing.
Based on the better-than-expected housing reports released today, early afternoon trading had the Dow on an upward rally with a 164.07 point average, or 2 percent, to 8,376.48.
Stocks are on track for a close at four-month highs today as Wall Street cheered that today's reports will give hope of an economic recovery.
Stocks ended their day up at 214.33, to 8426.74.