A late surge pushed indexes to close near session peaks Tuesday as all major indexes made closing highs for the year.
The Dow led, gaining 1%, with Caterpillar (CAT) heading the industrials. The NYSE and Nasdaq shared a 0.8% gain, pushing the Nasdaq to a 19-month high. The S&P 500 climbed 0.7% to a 17-month high. The NYSE composite made a new closing high for 2010, the first since Jan. 11.
Advancers outpaced declining stocks by about 2-to-1 for a second straight day.
Trading was lighter through most of the day. But the late surge pushed NYSE volume above Monday's total. Nasdaq volume ended a fraction lower.
As on Monday, markets rose despite early pressure from a rising dollar. Sovereign-debt problems in Europe continue to hurt the euro. But the dollar pared its gains as the session advanced, tracing a trajectory similar to Monday's.
Indexes flinched briefly at mid-morning after the National Association of Realtors reported existing home sales slipped in February as foreclosures rumbled ahead. The sales decline was less than expected, but the inventory of unsold homes swelled by 9.5%, the biggest jump in two years.
That raised the number of homes available for sale to an 8.6-month supply. The association's top economist called the increase in supply "unusual" and "discomforting," saying a 10-month supply would point to further declines in home prices.
In a jittery market, the news would have been enough to hurt stocks. Instead, homebuilders advanced.
The news was better for mining companies.
Mining equipment makers also rose on the news
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