By The Associated Press
A rare double shot of good news about the U.S. economy sent stocks sharply higher Wednesday despite lingering fear about Europe's debt turmoil.
Americans signed more contracts to buy previously occupied homes in May, matching the fastest pace in two years. Businesses also placed more orders for long-lasting manufactured goods, suggesting that their confidence in the U.S. economy was not shaken by signs of weakness that emerged this spring.
The Dow Jones industrial average closed up 92.34 points, or 0.7 percent, at 12,627.01.
The Standard & Poor's 500 index rose 11.86 points, or 0.9 percent, to 1,331.85.
The Nasdaq composite average rose 21.26 points, or 0.7 percent, to 2,875.32.
For the week:
The Dow is down 13.77 points, or 0.1 percent.
The S&P 500 is down 3.17 points, or 0.2 percent.
The Nasdaq is down 17.10 points, or 0.6 percent.
For the year:
The Dow is up 409.45 points, or 3.4 percent.
The S&P 500 is up 74.25 points, or 5.9 percent.
The Nasdaq is up 270.17 points, or 10.4 percent.
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