ADVERTISEMENT

NEW YORK (AP) Stocks edged higher after the government reported a strong uptick in homebuilding permits last month.

The Dow Jones industrial average rose 21 points to 16,095 shortly after Tuesday's opening. The Standard & Poor's 500 index gained 2 points to 1,804 and the Nasdaq composite added 2 points to 3,996.

Trading is expected to be light in the holiday-shortened week.

The Commerce Department reported U.S. homebuilders planned to build apartments at the fastest pace in five years in October, a signal they believe rentals will heat up in coming months. Shares of homebuilders Pulte, Toll Brothers, and Lennar all rose.

Shares of Tiffany & Co. are up 7 percent on strong quarterly earnings. Profit at the luxury retailer climbed 50 percent in the third quarter thanks to strong sales in Asia.