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U.S. equities climbed on Tuesday as traders looked past disappointing economic data and awaited the Federal Reserve's policy update due Wednesday.
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According to preliminary calculations, the Dow Jones Industrial Average rose 27.5 points, or 0.16%, to 16808, the S&P 500 advanced 4.2 points, or 0.22%, to 1942 and the Nasdaq Composite climbed 16.1 points, or 0.37%, to 4337.
The markets appear to be shrugging off worries about the turmoil in Iraq, along with high oil prices. The Dow and S&P kicked off the week in the green for the ninth time in a row -- a phenomenon not seen since 1993.
The news flow was quiet as traders digested of a duo of important economic reports.
The Commerce Department said new housing starts fell 6.5% in May to an annualized rate of 1 million units, below the 1.03 million units expected. Permits for new-home construction fell 6.4% in the same month, to an annualized rate of 991,000 units, also missing Wall Street expectations for 1.05 million units.
Meanwhile, the Labor Department reports prices for consumer goods rose 0.4% in May from the month prior, the largest increase since February 2013, and more than the 0.2% increase Wall Street expected. Excluding the food and energy components, prices were up 0.3%, also above economists’ expectations of 0.2%, and the largest increase since August 2011.
The Federal Reserve also kicks off its two-day policy-setting meeting on the day. A statement from the central bank along with a press conference led by chair Janet Yellen are set for Tuesday.
Elsewhere, U.S. crude oil futures fell 51 cents, or 0.48%, to $106.40 a barrel. Wholesale New York Harbor gasoline fell 0.06% to $3.071 a gallon. Gold slumped $9.60, or 0.74%, to $1,266 a troy ounce.