Home sales

NEW YORK (AP) — Encouraging economic reports are sending stock prices higher on Wall Street.

Wages and spending rose in the U.S. last month, and pending home sales hit a three-year high.

The Dow Jones industrial average was up 66 points to 14,779 at noon Eastern time Monday, a gain of 0.4 percent.

The number of Americans who signed contracts to buy homes reached the highest level since April 2010, according to the National Association of Realtors. Back then, a tax credit for buying houses had lifted sales.

WASHINGTON (AP) — U.S. sales of new homes rose in March to a seasonally adjusted annual rate of 417,000. The increase added to evidence of a sustained housing recovery at the start of the spring buying season.

The Commerce Department said Tuesday that sales of new homes increased 1.5 percent. The gain brought the level higher than February's pace of 411,000, though below January's 445,000 — the fastest pace since July 2008.

New-home sales are still below the 700,000 pace considered healthy by most economists. But the pace has increased 18.5 percent from 352,000 a year ago.

WASHINGTON (AP) — Sales of previously occupied U.S. homes dipped in March as the supply remained tight. But the sales pace remained ahead of last year's.

The National Association of Realtors said Monday that sales dipped to a seasonally adjusted annual rate of 4.92 million, from 4.95 million in February. February's figure was revised lower.

Sales in March were 10.3 percent higher than a year earlier.

NEW YORK (AP) — J.C. Penney is honing in on its home department as part of a bigger plan to turn its stores into mini-malls of sorts.

The struggling department-store chain is unveiling revamped home areas within its stores that feature 20 boutiques that highlight 50 new brands. The areas will include an eclectic mix of items, from $60 Michael Graves' stainless steel teakettles to $1,850 Jonathan Adler "Happy Chic" sofas.