FOX Business: Capitalism Lives Here
U.S. equity markets jumped on Tuesday as traders parsed through data indicating the economy will recover from the tough winter that pummeled the country.
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As of 2:47 p.m. ET, the Dow Jones Industrial Average climbed 103 points, or 0.63%, to 16380, the S&P 500 rose 8.3 points, or 0.45%, to 1866 and the Nasdaq Composite advanced 6.8 points, or 0.16%, to 4233.
After a day that was quiet on the economic front, the data docket is fuller on Tuesday.
On the U.S. front, home prices in 20 major U.S. cities fell 0.1% in January from December on a non-seasonally adjusted basis, according to the closely-watched S&P/Case-Shiller housing report. The reading matched economists’ expectations. Prices, however, rose 13.2% from the year prior. The report is a lagging indicator, but economists look to it for its accuracy.
The Commerce Department reported sales of new single-family homes fell 3.3% to an annualized rate of 440,000 in February, compared to expectations of a drop to 445,000. The rate was the lowest since September 2013.
The housing market took a hit in the first two months of the year from bad weather that affected demand and the construction industry.
The Conference Board’s gauge of consumer confidence showed an increase to 82.3 in March from 78.3 the month prior, beating Wall Street views of 78.6.
In Europe, a report on German business confidence slumped for the first time in five months in March.
"Companies expressed far less confidence in future business developments, but were more satisfied with their current business situation," the Ifo Institute wrote in its report. "The crisis of the emerging economies and the events in Crimea are impacting the confidence of German firms."
Germany is Europe's biggest economy and is considered a bellwether for the eurozone currency bloc.
Elsewhere, U.S. crude oil futures climbed 46 cents, or 0.46%, to $100.07 a barrel. Wholesale New York Harbor gasoline rose 0.33% to $2.90 a gallon. Gold advanced $5.10, or 0.39%, to $1,316 a troy ounce.