Stocks closed higher on Wall Street as two economic reports suggested the economy is cooling enough for the Federal Reserve to pause hiking interest rates.
The S&P 500 rose 1.5% Tuesday, its biggest gain since early June. The Dow rose 292 points and the Nasdaq rose 1.7%.
The Conference Board, a business research group, reported that consumer confidence tumbled in August, surprising economists expecting levels to hold steady around the strong July reading. Job openings in July fell more than economists expected. Best Buy rose after the consumer electronics retailer beat Wall Street forecasts. Treasury yields fell.
The S&P 500 rose 64.32 points, or 1.5%, to 4,497.63.
The Dow Jones Industrial Average rose 292.69 points, or 0.8%, to 34,852.67.
The Nasdaq composite rose 238.63 points, or 1.7%, to 13,943.76.
The Russell 2000 index of smaller companies rose 26.53 points, or 1.4%, to 1,895.54.
For the week:
The S&P 500 is up 91.92 points, or 2.1%.
The Dow is up 505.77 points, or 1.5%.
The Nasdaq is up 353.11 points, or 2.6%.
The Russell 2000 is up 41.91 points, or 2.3%.
For the year:
The S&P 500 is up 658.13 points, or 17.1%.
The Dow is up 1,705.42 points, or 5.1%.
The Nasdaq is up 3,477.27 points, or 33.2%.
The Russell 2000 is up 134.29 points, or 7.6%.