Stocks Open Higher after Positive Housing Report

U.S. stocks gained at the open on Tuesday, looking to recover from two days of losses, as investors tried to shrug off worries over Cyprus and following a better-than-expected housing starts report. The Dow Jones Industrial Average lately rose 51.36 points, or 0.36%, to 14,503.42. The S&P 500 index gained 4.42 points, or 0.28%, to 1,556.52. The Nasdaq Composite added 11.27 points, or 0.35%, to 3,248.86.

Groundbreaking to build homes rose in February and new permits for construction climbed to the highest level since 2008. The Commerce Department said on Tuesday that starts at building sites for homes rose 0.8 percent last month to a 917,000-unit annual rate. That was in line with analysts’ expectations of a 915,000-unit rate.

Cyprus’s government proposed on Tuesday to spare small savers from a divisive levy on bank deposits but said it expects parliament to reject the measure, needed to secure an international bailout and avoid default and a banking collapse.

Samsung Electronics Co is developing a wearable digital device similar to a wristwatch, a source with direct knowledge of the matter said, joining rival Apple Inc in creating new products as growth of smartphone sales slows.

Ryanair announced a $15.6 billion order for 175 passenger jets from Boeing on Tuesday in a boost to the struggling planemaker that will allow the Irish airline to consolidate its position as Europe’s dominant low-cost carrier.