Stocks marched higher for the second straight day Tuesday, amid a round of mixed earnings, a dip in the dollar and mostly upbeat housing data.
The S&P 500 climbed 1.3%, closing back above short-term resistance at the 1100 level. The NYSE also picked up 1.3%, while the Dow and Nasdaq gained 1.1% and 0.9%, respectively. They all remained below their 50-day moving averages. It's still too soon to tell if they've bottomed.
Volume rose on both major exchanges. That signaled institutional buying, a rarity in recent weeks. Including Tuesday, the Nasdaq has risen in heavier volume in just four sessions since the start of the year. The NYSE composite fared slightly better, with five such sessions.
Major indexes found their footing shortly after the December pending home sales report. Sales rose 1%, from a 16.4% dive in November.
The December figure was a tad below views, but still pointed to more stabilization in the housing market.
The dollar dipped for a second straight day, again boosting commodities. Oil was up nearly 4% while gold gained about 1%.
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