Stocks Rally on Economic Data
Stocks rallied in trading on Tuesday, with the Dow Jones closing at a record high, as some robust economic data lifted investors’ sentiment.
The Dow Jones ended the day 0.77% higher at 14,559.65, the S&P 500 ended the day 0.78% higher at 1,563.77, and the Nasdaq ended the day 0.53% higher at 3,252.48.
Stocks rallied as investors digested some encouraging U.S. economic data. The S&P/Case-Shiller index of home prices in 20 U.S. cities rose 8.1% in January. This was the biggest year-over-year increase since 2006. Meanwhile, a report from the Commerce Department showed that durable goods orders rose in February, driven by a rebound in demand for transportation and equipment.
All sectors in the S&P 500 except Conglomerates ended the day in green. The gains were led by Consumer Non-Cyclical sector, which ended the day 1.27% higher. Energy sector also rose sharply, ending the day 1% higher.
Among the major movers in trading on Tuesday were Sonic Corporation (NASDAQ: SONC), which ended the day 9.72% higher at $12.87, Gulfport Energy Corporation (NASDAQ: GPOR), which ended the day 7.75% higher at $46.44, and RF Micro Devices Inc. (NASDAQ: RFMD), which ended the day 6.92% higher at $5.25.
European markets ended mostly higher on Tuesday, with the FTSE 100 Index in London closing 0.33% higher, and the CAC 40 Index in Paris closing 0.55% higher. Asian markets ended on a mixed note overnight, with the Nikkei 225 Index in Japan closing 0.60% lower, and the Hang Seng Index in Hong Kong closing 0.27% higher.