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Data Drives the Rally — Tuesday’s IP Market Recap

Investors get optimistic about positive housing, manufacturing news


InvestorPlace Market RecapInvestors 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%.

Three Up

  • 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.

Three Down

  • 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 As of this writing he does not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

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