Stocks open broadly higher on Wall Street

STEVE ROTHWELL AP Markets Writer Published:

NEW YORK (AP) -- Stocks opened higher on Wall Street Tuesday as investors shrugged off a two-day slump. The gains were led by health care and technology stocks, which were among the biggest losers a day earlier.

KEEPING SCORE: The Standard & Poor's 500 index rose 14 points, or 0.8 percent, to 1,869 as of 10:12 a.m. Eastern time. The Dow Jones industrial average gained 117 points, or 0.7 percent, to 16,394. The Nasdaq composite climbed 46 points, or 1.1 percent, to 4,272.

SONIC BOOM: Drive-in restaurant company Sonic jumped $2.24, or 10.7 percent, to $23.11 after posting earnings that exceeded the expectations of Wall Street analysts. The company reported higher net income in its fiscal second quarter despite the unusually harsh winter weather.

SPICY EARNINGS: McCormick, a purveyor of spices, seasonings and condiments, rose $3.52, or $5.2 percent, to $71.19 after the company reported earnings that beat analysts' estimates. The company also reaffirmed its outlook for the year.

SHUTTING UP SHOP: Walgreen rose $2.82, or 4.4 percent, to $67.05 after the company reported its fiscal second quarter earnings. The company said it plans to close 76 stores in the second half of its fiscal year. That's a big shift from its previous growth strategy, which focused on opening locations to maximize convenience for its customers

HOUSING WATCH: Fewer people bought new U.S. homes in February. Sales fell to their slowest pace in five months, a sign that the housing market has yet to recover fully from brutal winter weather, the Commerce Department said Tuesday.

TREASURYS AND COMMODITIES: Bond prices fell. The yield on the 10-year U.S. Treasury note climbed to 2.75 percent from 2.73 percent late Monday. The price of crude oil fell 26 cents, or 0.3 percent, to $99.34 a barrel. Gold rose $3.70 to $1,314.80 an ounce.