(NEW YORK) — A jump in home sales and a boost in consumer confidence gave the markets a lift Tuesday.
The Dow closed up 116 points, or 0.8 percent, at 13,900.13. On Monday, the index lost 216 points, its biggest drop of the year so far. The Nasdaq added 13 points to finish at 3,129.65. The S&P gained nine points, closing at 1,496.94.
Strong U.S. sales and increased business after superstorm Sandy helped Home Depot build a strong fourth-quarter earnings report that climbed 32 percent. The home improvement chain’s stock led the Dow, gaining 5.7 percent Tuesday.
Bargain-priced homes are getting harder to find. The latest Standard and Poors/Case-Shiller index finds prices in 20 cities are up an average of 6.8 percent.
Meanwhile, we’re feeling better about the economy. The Conference Board’s latest Consumer Confidence Index stands at 69.6, up from 58.4 in January.
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Madison Park, Keith Allen and Andreas Preuss, CNN