NEW YORK (AP) — A pair of encouraging economic reports — one on consumer confidence, the other on home sales — gave Wall Street a shot of adrenaline Tuesday, sending the NASDAQ composite to its best level in nearly a year.
The Dow Jones industrials also soared, moving up nearly 180 points.
Trading was moderate following the long holiday weekend. U.S. markets were closed Monday for Memorial Day.
The NASDAQ climbed 46.60, or 3.1 percent, to close at 1,556.69, following a weekly loss of 1.9 percent to end a five-week winning streak. That was the highest level seen since June 5, 2002, when the tech-focused index closed at 1,595.26.
And the Dow rose 179.97, or 2.1 percent, to 8,781.35, having fallen 0.9 percent last week to snap a three-week winning streak. That was the best seen since Jan. 14, when the blue chips finished at 8,842.62.
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The New York-based Conference Board reported Tuesday its consumer confidence index rose to 83.8 in May from 81 in the previous month as consumers grew modestly confident about the economy. Analysts had projected a reading of 84.
Meanwhile, the Commerce Department reported new home sales gained 1.7 percent from March to April to a seasonally adjusted annual rate of 1.03 million. That marked the best showing since December.
The reports helped overcome investor jitters after the euro briefly hit an all-time high against the dollar Tuesday. The Dow fell as much as 60 points in early trading on fears a weak dollar will deter foreign stock investment before rebounding.
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