Stocks Gain Most in Two Weeks on Corporate Earnings Strength
NEW YORK (TheStreet) -- U.S. stocks jumped the most in two weeks on Tuesday, fueled by an upbeat housing price report and a slew of better-than-expected earnings and forecasts from D.R. Horton
(DHI - Get Report)
WATCH: Markets Snap Losing Streak to Gain on Earnings, Emerging Market Calm
- The S&P 500
- The Conference Board's Consumer Confidence Index increased to 80.7 in January.
- The S&P/Case-Shiller index of property prices in 20 cities increased 13.7% in November, the largest year-over-year jump in nearly eight years. Homebuilder stocks were advancing after the price index report, with Lennar (LEN - Get Report)
- There were several other bright spots in corporate earnings: Pfizer (PFE)
- Apple, saw its shares dive 7.8% Tuesday after reporting first-quarter profit that was flat from a year earlier. The iPad maker projected second-quarter sales that missed expectations.
- In global economic news, the U.K. economy expanded at the strongest pace since 2007 last year as gross domestic product rose 1.9%.
- European markets gained Tuesday after their largest three day fall since June 2013. Germany's DAX rose 0.62% while the FTSE was 0.33% higher. The Hang Seng closed off 0.07% while the Nikkei was 0.17% lower.
- Durable goods orders declined 4.3% in December versus expectations of a 1.6% rise.
- The Federal Reserve policy meeting kicks off Tuesday, with strategists split on whether the central bank will continue to wind back bond purchases by $10 billion a month after the recent emerging markets turmoil.
-- Written by Andrea Tse and Jane Searle in New York.
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