Stocks Closed Higher on Back of Tech, Bank Rally

U.S. stocks surged on Tuesday as a rally in financial and technology shares underpinned a sharp, broad-based stock-market advance. At close, the Dow Jones Industrial Average added 213.123 points, or 1.22%, to 17,706.05. The S&P 500 jumped 28.02 points, or 1.37%, to 2,076.06. The Nasdaq Composite surged 95.27 points, or 2.00%, to 4,861.06.

Sales of new homes surged in April, a sign that builders are stepping up as demand for housing remains robust. Sales soared 16.6% to a seasonally adjusted annual rate of 619,000, the Commerce Department said Tuesday. That was the biggest monthly jump in 24 years and trounced estimates of a 525,000 pace.

The number of Federal Reserve banks pushing the central bank to raise the rate it charges commercial banks for emergency loans rose to four in April from two in March, minutes from the Fed’s discount rate meeting released on Tuesday showed.

Vice Media has laid off 15 people amid a news division reorganization that will put Josh Tyrangiel in charge of the company’s entire global news operation, according to a person familiar with the matter.

Shares of GoPro Inc (GPRO) got a lift on Tuesday after the struggling action camera maker said it was partnering with extreme sports sponsor Red Bull in a marketing and promotion deal.

Hewlett Packard Enterprise said late Tuesday that it will spin off its enterprise services unit and merge it with CSC . The union will create a “a pure-play, global IT services powerhouse,” said HP Enterprise in a statement.

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