Housing Drives U.S. Stocks To Another High

U.S. stocks closed higher, Tuesday, bouncing back from last week's losses following optimistic economic data. Last week, global stocks were routed on concerns that the Federal Reserve will pull back its monetary stimulus.

The Dow Jones Industrial Average gained 106.29 points, Tuesday to close at 15409.39 for its 20th consecutive Tuesday gain. The S&P 500 added 10.46 points to close at 1660.06 while the Nasdaq notched another 29.74 points, closing at 3488.89.

U.S. Housing
Prior to the market open, a strong read on housing market data sent futures solidly north. The S&P/Case-Shiller home price index, released at 9 a.m. ET showed that prices for U.S. homes rose in March, reaching the highest year-over-year growth rate since April 2006. The 20-city composite index rose 1.4% in March, with all cities in the index posting gains. The prior month's already strong gain was revised up a touch, and the annual rate 10.87% was also ahead of the street's forecast of up 10.2%. For Q1 as a whole, prices were 10.2% higher than a year earlier.

Consumer Confidence
After the opening bell, the May consumer confidence index weighed in at 76.2, easily topping analysts' expectations for a reading of 72.3, and up from a prior reading of 69 in April. It was the highest reading in five-years.

Commodities ended mixed. July oil added 0.9% at $95.01 a barrel. August gold ended down 0.6% at $1,379.70 per ounce.

Here's Where The Markets Stood At Day's End

• Dow Jones Industrial Average up 106.29 (+0.69%) to 15,409.39
• S&P 500 up 10.46 (+0.63%) to 1,660.06
• Nasdaq Composite Index up 29.75 (+0.86%) to 3,488.89

• Nikkei 225 Index up 1.20%
• Hang Seng Index up 1.05%
• Shanghai China Composite Index up 1.22%
• FTSE 100 Index up 1.62%
• DAX up 1.19%
• CAC 40 up 1.52%

• (+) SVA, Q1 net loss of $2 million, or $0.04 per share. Revenues totaled $10.1 million versus analyst estimate of $10.3 million. In the corresponding period last year, net loss was $5.6 million, or $0.10 per share, on revenues of $5.97 million.
• (+) OMTH, to be acquired by AstraZeneca (AZN). Separately, the company issued its quarterly results. It reports a net loss of $6.3 million for Q1 of 2013, compared to a net loss of $9.2 million for Q1 2012. Net loss applicable to common stockholders for Q1 2013 was $7.3 million, or $3.08 per common share, compared to a net loss of 10.1 million, or $6.18 per common share, for Q1 2012.
• (+) CSIQ, Solar energy company reported Q1 2013 earnings of $4.4 million, or $0.10 per diluted share, compared to a net loss of $21.3 million, or $0.49 per diluted share, in Q112. The Street view was a loss of $0.84 per share. Revenues came in at $263.6 million, compared to analyst estimate of $221 million. Year-ago revenues were $325.8 million.

• (-) GNVC, Company's board approved the liquidation and dissolution of the company, saying it is in the best interests of its stockholders. The dissolution plan, which still requires shareholder approval, may be abandoned if circumstances change.
• (-) DOLE, Will update its owned vessel fleet, with the acquisition of three new specialty built refrigerated container ships for its U.S. West Coast operations, costing approximately $165 million, for a phased delivery in late 2015 to early 2016.
• (-) TE, Says it has entered a definitive stock purchase agreement with Continental Energy Systems LLC, and its subsidiary New Mexico Gas Intermediate, Inc., to acquire New Mexico Gas Company for $950 million. That price includes the assumption of $200 million of New Mexico Gas Co. debt.