Investing.com - Better-than-expected housing and consumer-confidence data sent U.S. stocks rising on Tuesday.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.84%, the S&P 500 index ended up 0.61%, while the Nasdaq Composite index rose 0.43%.
The Conference Board reported earlier that its consumer confidence index jumped to a three-month high in February, hitting 69.6 from 58.4 in January, beating expectations for a 61.0 reading.
Elsewhere, the Commerce Department reported earlier that new home sales jumped 15.6% to 437,000 units in January, beating out market calls for an increase to 381,000.
January's sales hit their highest level since May of 2010.
Home prices are on the rise as well.
The Standard & Poor’s/Case-Shiller home price index rose at an annualized rate of 6.8% in December, above expectations for a 6.6% increase.
On a month-on-month basis, U.S. home prices rose 0.9% in December, beating out expectations for a 0.7% increase after rising by 0.6% in the preceding month.
Stocks also gained after Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee earlier Tuesday that inflation rates remain in comfort zones and asset bubbles weren't apparent in the country's markets amid ongoing monetary stimulus measures, which are bullish for stocks often by design.
Leading Dow Jones Industrial Average performers included Home Depot, up 3.13%, Bank of America, up 2.91%, and Intel, up 1.78%.
The Dow Jones Industrial Average's worst performers included JPMorgan Chase, down 1.83%, Alcoa, down 1.64%, and American Express, down 1.48%.
European indices, meanwhile, finished lower amid ongoing electoral concerns in Italy.
While the country's center-left coalition, led by the Democratic Party, won the majority of votes in the lower house and will likely form a government, a deadlock resulted in the Senate vote.
After the close of European trade, the EURO STOXX 50 fell 3.07%, France's CAC 40 fell 2.67%, while Germany's DAX 30 finished down 2.27%. Meanwhile, in the U.K. the FTSE 100 finished down 1.34%.
In the U.S. on Wednesday, the government will release official data on durable goods orders, pending home sales and crude oil inventories.
Meanwhile, Fed Chairman Bernanke is to testify on monetary policy before the House Financial Services Committee.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.84%, the S&P 500 index ended up 0.61%, while the Nasdaq Composite index rose 0.43%.
The Conference Board reported earlier that its consumer confidence index jumped to a three-month high in February, hitting 69.6 from 58.4 in January, beating expectations for a 61.0 reading.
Elsewhere, the Commerce Department reported earlier that new home sales jumped 15.6% to 437,000 units in January, beating out market calls for an increase to 381,000.
January's sales hit their highest level since May of 2010.
Home prices are on the rise as well.
The Standard & Poor’s/Case-Shiller home price index rose at an annualized rate of 6.8% in December, above expectations for a 6.6% increase.
On a month-on-month basis, U.S. home prices rose 0.9% in December, beating out expectations for a 0.7% increase after rising by 0.6% in the preceding month.
Stocks also gained after Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee earlier Tuesday that inflation rates remain in comfort zones and asset bubbles weren't apparent in the country's markets amid ongoing monetary stimulus measures, which are bullish for stocks often by design.
Leading Dow Jones Industrial Average performers included Home Depot, up 3.13%, Bank of America, up 2.91%, and Intel, up 1.78%.
The Dow Jones Industrial Average's worst performers included JPMorgan Chase, down 1.83%, Alcoa, down 1.64%, and American Express, down 1.48%.
European indices, meanwhile, finished lower amid ongoing electoral concerns in Italy.
While the country's center-left coalition, led by the Democratic Party, won the majority of votes in the lower house and will likely form a government, a deadlock resulted in the Senate vote.
After the close of European trade, the EURO STOXX 50 fell 3.07%, France's CAC 40 fell 2.67%, while Germany's DAX 30 finished down 2.27%. Meanwhile, in the U.K. the FTSE 100 finished down 1.34%.
In the U.S. on Wednesday, the government will release official data on durable goods orders, pending home sales and crude oil inventories.
Meanwhile, Fed Chairman Bernanke is to testify on monetary policy before the House Financial Services Committee.