A decline in crude-oil prices and some optimistic news about the economy sent the markets higher.
The major indexes rallied Tuesday, thanks in large part to news of a drop in the price of crude oil. That's good news for consumers, and tech sectors enjoyed the benefits.
Traders got a boost from the price of July oil futures, which fell 58 cents to close at $41.14 a barrel in Nymex trading.
They were also cheered by a report from the Conference Board, which said its Consumer Confidence Index for May edged up to 93.2 from a revised 93.0 reading in April. And in a separate report, the National Association of Realtors said sales of existing homes were at a seasonally adjusted annual rate of 6.64 million last month, a 2.5% increase over the previous month.
Cisco Systems rose 58 cents, or 2.7%, to $22.24; Motorola rose 2.2%, or 42 cents, to $19.92; Nortel Networks rose $1.44, or 5 cents, to $3.53; Microsoft rose 1.3%, or 34 cents, to $26.10; Siebel Systems rose 0.9%, or 9 cents, to $9.97; and Nextel rose 0.9%, or 19 cents, to $22.40. The Nasdaq-100 tracking stock rose 1.99%, or 70 cents, to $35.96, as 145.4 million shares changed hands.
For the day, the Nasdaq index rose 41.67 points, or 2.2%, to 1,964.65, and the InformationWeek 100 rose 2.1%, or 6.31 points, to 314.65. The Dow Jones industrials rose 1.6%, or 159.19 points, to 10,117.62, and the S&P 500 rose 1.6%, or 17.67 points, to 1,113.08.
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.