Markets Open Higher Despite Low Housing Price Report

New York, NY (AHN) - Markets opened higher in New York, rebounding from Monday's lower close. At 9:44 Eastern, the Dow was up 48 points at 11,179 points.

The broader Standard and Poor's 500 was up 5 points at 1,239.

The tech-heavy NASDAQ Composite was gaining 18 points at 2,283.

Oil prices were down $1.03 to $123.70 a barrel on the New York Mercantile Exchange.

On Monday, the Dow fell 240 points as concerns continued about the U.S. economy and the shape of the financial sector. Merrill Lynch announced it would take a $5.7 billion write-down, sell $11 billion in mortgage-back securities plus issue more stock to raise $8.5 billion in additional capital.

The upward swing came despite news of a continuing slide in home prices. The S&P/Case-Shiller Home Price Index reported home prices fell 15.8 percent in May compared to a similar period in 2007. The drop marks nearly two years of home price declines.

Traders are also awaiting news of consumer confidence for July. Analysts expect the Conference Board to report a 0.4 point drop in the index to 50.