NEW YORK, Aug. 4 (Xinhua) -- Wall Street swung higher at the closing on Tuesday as pending U.S. home sales rose in June for the fifth straight month, another encouraging sign that the housing market is stabilizing.

    The National Association of Realtors reported on Tuesday that its pending home sales index rose 3.6 percent to 94.6 for June, from an upwardly revised reading of 91.3 in May. The last time there were five consecutive monthly gains was July 2003.

    The results were far better than what analysts had expected. Economists surveyed by Thomson Reuters expected the index to come in at 91.2.

    The U.S. Commerce Department said that consumers boosted their spending by 0.4 percent, slightly beating analysts' estimates. But personal income fell 1.3 percent at the same time.

    The drop in personal income was the biggest decrease for any month since January 2005. During June, private wages and salary disbursements decreased 28.6 billion dollars after dropping 11.3 billion dollars in May, the department said.

    On corporate news, Archer Daniels Midland Co., the world's largest grain processor, tumbled after the company posted earnings-per-share that missed the average estimate of analysts.

    ConocoPhillips, the third-largest U.S. oil company, slid as crude oil dropped from a seven-week high.

    The Dow Jones average was up 33.63, or 0.4 percent, to 9,320.19.The S&P 500 index rose 3.02, or 0.3 percent, to 1,005.65, while the Nasdaq composite index rose 2.70, or 0.1 percent, to 2,011.31.