Wall Street higher as investors look to data

NEW YORK?? Wall Street moved higher at Tuesday?s opening bell, adding to the prior session?s gains, as investors looked ahead to new data for clues about the state of the economy.

The Dow Jones industrial average was lately up about 125 points.

In economic news, new U.S. single-family home sales fell more than expected in July to hit a five month low, new data show, as 2011 shapes up to be worst year on record for the market.

The Commerce Department said on Tuesday sales slipped 0.7 percent to a seasonally adjusted 298,000-unit annual rate, the lowest since February. June's sales pace was revised down to 300,000 units from the previously reported 312,000 units.

Story: New-home sales fell to five-month low in July

Reports on manufacturing in Europe and China boosted sentiment Tuesday. And many investors are hoping Federal Reserve Chairman Ben Bernanke will announce some kind of assistance Friday for the flagging U.S. economy.

UBS AG is up 4 percent, after the Swiss bank said it planned on cutting 3,500 jobs worldwide in the hope of saving $2.5 billion by the end of next year. UBS's stock has dropped 20 percent this year.

Goldman Sachs is up 1 percent. The bank's stock fell sharply late Monday following news that its CEO, Lloyd Blankfein, hired a prominent defense lawyer. The Justice Department is looking into Goldman's actions leading up to the 2008 financial crisis.

H.J. Heinz Co. fell 1 percent after the world's largest ketchup maker said profits fell 6 percent in the most recent quarter. Heinz lowered its earnings estimate for the year.

Major indexes eked out minor gains Monday following a four-week losing streak. The S&P 500 index has dropped 16 percent since July 22 and 13 percent this month. The broad market measure is on track for its worst August since the Asian financial crisis rattled markets in 1998.

The Associated Press contributed to this report.

Source: http://www.msnbc.msn.com/id/44239287/ns/business/

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