Stocks open higher as home building advances

NEW YORK (AP) — Stocks are opening higher on Wall Street after the pace of home construction picked up in May, the latest encouraging sign from the housing market.

The Dow Jones industrial average rose 45 points, or 0.3 percent, to 15,229 in the first few minutes of trading Tuesday.

The Standard & Poor’s 500 index was up four points, or 0.3 percent, at 1,643. Nine of the 10 industry groups in the index rose.

The Nasdaq composite was up 13 points, or 0.4 percent, at 3,465.

Hormel Foods fell $1.47, or 4 percent, to $39.21 after the company cut its profit forecast for the year, citing weak sales and higher costs.

Investors are hopeful that the Federal Reserve will keep up its economic stimulus program. The bank starts a two-day policy meeting Tuesday.

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