Encouraging housing market news and a surge in tech stocks helped propel U.S. stocks higher on Tuesday. Bobbi Rebell reports.
A new intraday high for the Nasdaq led by technology companies. Also lifting investors' spirits: new data showing an unexpected rise in U.S. single-family homes to their highest level in nearly nine years. The three major U.S. indexes closed higher. FBB Capital's Mike Bailey: (SOUNDBITE) MIKE BAILEY, DIRECTOR OF RESEARCH, FBB CAPITAL (ENGLISH) SAYING: "We like some of the stocks that generally have worked this year although we are getting much more selective so 2016 really has been the year of kind of old, boring yield and boring is beautiful if you will. So telecoms, REITs, utilities companies like that have done pretty well. " Electric car maker Tesla unveiling a new 100 kWh battery for its Model S and Model X cars. The new technology will increase the speed and range of the vehicles. Best Buy surging after much higher-than-expected quarterly profit. The electronICs retailer is seeing strength in health and wearable items like smartwatches. Best Buy also raised its earnings outlook. Coming on the heels of that better-than-expected home sales data, Toll Brothers stock was a winner. Orders in the most recent quarter rose the most in two years for the home builder. Shares of Epipen maker Mylan to the downside. The company is under pressure from lawmakers regarding the sharp increases for its drug-filled injectable devices. In Europe lots of green on the board as the major country indexes posted gains.