Investors shrugged off any lingering concerns over Cyprus on Tuesday and instead focused on several pieces of good news on the economy, sending U.S. stocks to a broad-based rally that saw the S&P 500 come within striking range of its October 2007 high.
The S&P Case-Shiller Index improved 8.1% in January, marking its best year-over-year gain in more than six years. The country also saw a 12% YOY improvement in new home sales, to 411,000 in February. For the same month, the Commerce Department reported a 5.7% jump in durable goods orders.
The S&P 500 finished up 0.78% to 1,563.77, the Dow Jones Industrial Average rose 0.77% at 14,559.49, and the Nasdaq gained 0.53% to finish at 3,252.48.
Boeing (NYSE:BA) shares soared ahead just more than 2% after completing its first test flight of the Dreamliner 787 since implementing a redesign of its faulty battery system.
Shares of Netflix (NASDAQ:NFLX) rose over 5% as analysts at Pacific Crest upped their NFLX price target from $160 to $225 per share. NFLX closed under $200.
Despite the positive news on the housing data front, homebuilding stocks mostly headed south. Among Tuesday’s losers were Hovnanian (NYSE:HOV, -3.1%), D.R. Horton (NYSE:DHI, -2.7%) and Toll Brothers (NYSE:TOL, -1.9%).
Finally, Dollar General (NYSE:DG) kept up its momentum from Monday’s upbeat earnings announcement, climbing better than 2% on the day. Shares of sector mate Dollar Tree (NASDAQ:DLTR) followed suit and then some, improving nearly 3%.
- GT Advanced Technologies (NASDAQ:GTAT): Up 12.8% (34 cents) to $3.
- Broadsoft (NASDAQ:BSFT): Up 4.6% ($1.23) to $28.12.
- Monsanto (NYSE:MON): Up 4.4% ($4.39) to $103.79.
- Hawaiian Holdings (NASDAQ:HA): Down 6.25% (39 cents) to $5.85.
- Molycorp (NYSE:MCP): Down 5.6% (32 cents) to $5.35.
- Arena Pharmaceutical (NASDAQ:ARNA): Down 4.8% (41 cents) to $8.12.
Marc Bastow is an Assistant Editor at Invest0rPlace.com. As of this writing he does not hold a position in any of the aforementioned securities.