Stocks Opened Higher ahead of Housing Data

U.S. stocks opened higher on Wednesday, ahead of a report on the housing market, which recently has shown hopeful signs. The Dow Jones Industrial Average lately rose 26.68 points to 12,561.35. The S&P 500 added 3.67 points to 1,323.66. The Nasdaq Composite climbed 7.04 points to 2,861.10.

Orders for long-lasting U.S. goods bounced back in May after two straight declines, as demand for aircraft and heavy machinery such as farm tractors increased, the government reported Wednesday. Durable-goods orders rose a seasonally adjusted 1.1% last month, the Commerce Department said.

Samsung Electronics Co. was dealt a blow Tuesday when a California judge issued an injunction banning sales of the company’s Galaxy Tab 10.1 touchscreen tablet at the request of Apple Inc. The preliminary injunction, which bars Samsung  from making or selling the tablet, or any similar device, in the U.S., is the latest twist in the ongoing legal battle between Apple (NASDAQ:AAPL)  and the Korean technology giant.

Lennar Corp.’s (LEN) fiscal second-quarter profit soared from a year earlier, thanks in part to a tax-related gain, as the homebuilder saw stronger sales in its homebuilding unit and projected a slow and steady recovery process in the housing market. For the quarter ended May 31, Lennar reported a profit of $452.7 million, or $2.06 cents a share, up from year-earlier earnings of $13.8 million, or 7 cents a share. Revenue climbed 22% to $930.2 million as revenue from homebuilding also rose 22% to $808.1 million.

Barclays PLC and its subsidiaries have agreed to pay more than $400 million to settle charges that it attempted to manipulate and made false reports related to setting key global interest rates.

Richard Schulze, founder of Best Buy, is reportedly considering a bid to take the troubled electronics retailer private. Schulze has started working with bankers from Credit Suisse to consider his move, according to a report in the New York Times, and he will probably team up with a private equity firm or another well-off investor, the report said.

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