by Marc Bastow | March 26, 2013 4:53 pm
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.
Two technology stocks led the Dow, with Intel (NASDAQ:INTC, +2.8%) and Hewlett-Packard (NYSE:HPQ, +2.3%) both up on no particular news.
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%.
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.
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