By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks rose Tuesday, with the S&P 500 index bouncing back after three sessions of losses, as a decline in the U.S. dollar bolstered commodities and after upbeat data on consumer confidence and housing.
“The dollar has turned south and the euro is gaining, so we’re seeing a boost in commodity prices, which should help equity markets,” said Peter Cardillo, chief market economist at Rockwell Global Capital.
Stocks added to gains after the Conference Board reported that consumer confidence in September had jumped to a seven-month high. See: Consumer-confidence gauge at 7-month high.
The Dow Jones Industrial Average DJIA +0.27% gained 48.29 points, or 0.4%, to 13,607.2, with all but four of its 30 components rising, led by Home Depot Inc. HD +1.86% , up 1.8%.
Caterpillar Inc. CAT -2.47% slid 2.3%, with the Dow component and equipment maker hit after cutting its outlook for 2015 earnings.
The S&P 500 index SPX +0.25% climbed 5.21 points, or 0.4%, to 1,462.10, with health care faring best among its 10 major sectors, all of which advanced.
“We’ll try to close the quarter at just around present levels, I don’t see us marching much higher in the short term, we’re positioned to close the quarter with some nice gains,” said Cardillo.
The S&P 500 is currently up 7.4% for the quarter, which ends with Friday’s close.
The Nasdaq Composite COMP +0.30% advanced 13.38 points, or 0.4%, to 3,174.17.
For every five stocks on the decline, nine gained on the New York Stock Exchange, where 193 million shares traded as of 11:40 a.m. Eastern. Composite volume neared 1.2 billion.
The Federal Housing Finance Agency reported U.S. home prices climbed 0.2% in July. Separately, the S&P/Case-Shiller 20-city composite had home prices rising for a fourth straight month in July. See: Home prices climb for fourth month in a row.
The U.S. dollar DXY -0.13% gained against other currencies, including the euro EURUSD +0.11% , supporting commodities including oil. See: Dollar index falls after upbeat U.S. data.
Crude futures CLX2 +0.85% rose nearly a buck to $92.70 a barrel; gold futures GCZ2 +0.51% added $9.20 to $1,773.80 an ounce. See: Gold rises after positive macroeconomic data.
Kate Gibson is a reporter for MarketWatch, based in New York.
