The Nasdaq gained significantly and the broader market rose modestly Wednesday, closing higher for the fourth consecutive session, as strength in technology shares and commodities offset worries about the U.S. housing market. The U.S. government reported that sales of new homes recorded the biggest decline since April. Sales fell 11.3 percent in November to an annual rate of 355,000, well below the 440,000-unit rate expected by analysts. Another government report showed U.S. income rose by 0.4 percent in November, the biggest gain since May. Spending by individuals rose a smaller-than-expected 0.5 percent last month. The U.S. dollar fell versus the euro and the yen. Light sweet crude oil for February delivery rose $2.27 to $76.67 a barrel on the New York Mercantile Exchange, gaining 3 percent after the U.S. government reported a bigger-than-expected drop in crude inventories for the second consecutive week, signaling stronger energy demand. Gold rose after declining the two previous sessions. The Dow Jones industrial average was virtually unchanged, rising 1.51 to 10,466.44. Home Depot and Merck were the index's worst performers. Bank stocks also fell, with Bank of America and J.P. Morgan Chase shares both losing about 0.75 percent. The broader Standard & Poor's 500 index rose 2.57, or 0.2 percent, to 1,120.59. The technology-heavy Nasdaq composite index rose 16.97, or 0.75 percent, to 2,269.64. Online auctioneer eBay gained 4.5 percent, and internet portal Yahoo rose almost 4 percent. The New York Stock Exchange composite index rose 33.02 to 7,217.20. The American Stock Exchange composite index jumped 26.89 to 1,816.22. And the Russell 2000 index rose 7.38 to 630.98.
