Bad news, everybody; It’s good news…
U.S. stocks add to gains after housing data

U.S. added to early gains on Thursday after news that U.S. sales of existing homes rose for a third straight month in June. The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (INDU 9,056, +174.80, +1.97%) gained 91 points, or 1%, to 8,973, well off a morning low of 8,866. The S&P 500 index /quotes/comstock/21z!i1:in\x (SPX 974.74, +20.67, +2.17%) rose 10 points, or 1%, to 964, while the Nasdaq Composite /quotes/comstock/10y!i:comp (COMP 1,964, +38.11, +1.98%) jumped 23 points, or 1.2%, to 1,949. Resales of U.S. single-family homes and condos rose 3.6% in June to a seasonally adjusted annual rate of 4.89 million, the highest level since last October, the National Association of Realtors reported. Economists surveyed by MarketWatch expected sales to rise to 4.85 million.