(MENAFN- ProactiveInvestors) U.S. stocks rose on Tuesday with the Dow and the S&P 500 settling at new highs after a gauge of confidence among home builders rebounded in November to approach a nine-year high.
At the closing bell in New York the Dow Jones Industrial Average rose 40 points to 17688 while the Nasdaq advanced 31 points to 4702 and the S&P 500 added 11 points to 2052.
On the U.S. economic calendar today the government released its October producer price index which rose 0.2% compared to expectations for a 0.1% decline. Core PPI excluding food and energy gained 0.1% in line with estimates.
Later in the morning the National Association of Home Builders/Wells Fargo index rose 4 points to 58 in November nearing its highest level in nine years. Economists had expected the gauge to rise to 55 in November from 54 in October. The index had dropped in October from the nine-year high it hit in September.
Meanwhile news from Japan was also in focus after Japanese Prime Minister Shinzo Abe called for a snap election and announced a delay in the second sales tax hike by 18 months after the country surprisingly fell into a recession in the third quarter. The Nikkei finished up 2.18% overnight.
European markets settled broadly higher today led by shares in Germany after a measure of German economic confidence improved for the first time in nearly a year well topping expectations.
In corporate activity () shares skid 1.6% even as the home improvement retailer beat estimates with earnings revenue and same store sales. The massive payment card breach in September hit the company with pre-tax expenses of at least $28 million in the third quarter and said it could also impact fourth quarter earnings.
Dick's Sporting Goods () also fell 1% after its profit dipped on continued weak golf and hunting sales with earnings coming in below estimates.
In other stock news () has won a $1.25 billion outsourcing contract from German airline Lufthansa with to take over Lufthansa's technology services division.
GoPro () shares rose over 2.9% even after it said it is selling 10.4 million shares in a secondary offering with founder and CEO Nicholas Woodman selling 4 million of those shares.
Solar company SunEdison (NYSE:SUNE) and its power plant unit have agreed to buy First Wind for $2.4 billion creating one of the world's largest renewable energy development companies. Shares of SunEdison surged 29% Tuesday.
Gold for December delivery gained $13.60 or 1.2% to settle at $1197.10 an ounce. Crude oil futures for December extended recent losses ahead of a highly anticipated OPEC meeting. WTI for December delivery fell $1.03 to settle at $74.61 a barrel on the New York Mercantile Exchange. Traders are looking for any signs that OPEC could cut down production from its member countries.
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