- The Dow snapped its losing streak Tuesday as stocks jumped on strong economic data.
- Consumer confidence rose to its highest since early 2022, and new home sales grew last month.
The Dow Jones Industrial Average snapped its losing streak Tuesday as US stocks jumped on strong economic data.
Blue chips had fallen for six consecutive sessions. But a slew of positive reports pointed to a resilient economy and helped ease concerns of a recession.
Consumer confidence rose to a level not seen since early 2022, while last month's new home sales jumped to a 15-month high. The housing market also benefited from a third month of appreciating home prices.
Meanwhile, durable goods orders rose by 1.7%, led by transportation, surpassing expectations for a 0.9% decline.
Here's where US indexes stood as the market closed at 4:00 p.m. on Tuesday:
S&P 500: 4,378.41, up 1.15%
Dow Jones Industrial Average: 33,926.74, up 0.63% (212.03 points)
Nasdaq Composite: 13,555.67, up 1.65%
Here's what else is going on:
- Baby boomers will be the economy's saving grace, as they retire and spend their $75 trillion nest egg, according to Ed Yardeni.
- Overall rents fell last month, but surged 4.5% in the Midwest as interest in the region grows.
- Ukraine debt is becoming a leading emerging-market asset amid Russian setbacks.
- Legendary investor Seth Klarman is turning towards the real-estate market as he braces for an economic slowdown.
- Office building valuations will plummet 35% in the next two years and won't regain their prices for decades, economists said.
In commodities, bonds, and crypto:
- Both oil prices fell. The West Texas Intermediate underwent a 2.1% slide, landing at $67.56 per barrel. Brent crude, the international benchmark, dropped 2.33% to $72.47 a barrel.
- Gold eased 0.5% to $1,924.20 per ounce.
- The 10-year yield rose 4.5 basis points to 3.764%.
- Bitcoin rose 1.35% to $30,680.90.