Stocks clawed higher Wednesday after a report showed new-home sales rose more than expected.

The Transportation Department imposed its first penalties for runway delays Tuesday, collecting $175,000 from three airlines for leaving 47 passengers of a regional jet stranded overnight in Rochester, Minn.

Rates on 30-year mortgages dropped in the past week to match a record low set in April, while the 15-year home loan rate fell to a new all-time low, home funding company Freddie Mac said on Wednesday

Sales of new homes rose last month to the highest level in more than a year as strong activity in the South made up for weakness in the rest of the country.

U.S. consumer sentiment improved slightly in late November from earlier this month, but it was weaker than October on deep anxiety over personal finances, a survey showed Wednesday.

Stocks clawed higher Wednesday after a report showed new-home sales rose more than expected.

There will be a short-term pullback after Thanksgiving in stock markets and there is a 50 percent chance that the US economy will double-dip, according to Paul Schatz, president of Heritage Capital.

Fresh economic reports painted a picture of a gradual economic recovery as consumer spending rose and durable orders unexpectedly fell. The employment picture strengthened as jobless claims tumbled more than expected.

Tiffany & Co. reported a larger-than-expected quarterly profit as the upscale jeweler contained costs and benefited from stronger sales in Asia and Europe, sending its shares up 7.5 percent.

Demand for U.S. home loans slipped last week even as mortgage rates hovered near record lows, the Mortgage Bankers Association said on Wednesday.

Export-driven Asian economies need to focus on regional financial markets to rebalance as US policy remains uncertain and ‘very volatile’ and unreformed banks act as a brake on the huge flow of liquidity coming from central banks, Kevin Gaynor, chief markets economist at RBS, told CNBC Tuesday.

US stock index futures climbed further Wednesday after a batch of data signaling that the US economy was building on strength but also that the recovery would be gradual.

Sales of new homes are expected to post a modest increase in October, reinforcing data this week that showed the real estate market is regaining its footing after a dramatic collapse.

The Miles family is changing it up this year in the annual American race to make it to the table for Thanksgiving dinner. Instead of booking plane tickets, they opted to take the 1,100-mile trip by train.

Crude oil prices rose more than 2 percent Wednesday, supported by lower-than-expected builds in U.S. oil inventories last week, a weak U.S. dollar and gains on Wall Street.