NEW YORK (CNNMoney)
The Dow Jones Industrial Average, the S&P 500 and the Nasdaq gained between 0.3% and 0.6%.
The S&P Case-Shiller home price index for the fourth quarter of 2012 showed that home prices jumped 7.3%, the third straight quarter of year-over-year gains in prices.
At 10 a.m. ET, the Conference Board will release its consumer confidence index and the Census Bureau will release data on new home sales.
In corporate news,department store chain Macy' (M, Fortune 500)reported net sales jumped in the fourth quarter, to $9.4 billion from a year earlier. The company also said that same-store sales rose 3.7% for the year, edging out its initial forecast of a 3.5% gain.
Home improvement retailer Home Depot (HD, Fortune 500) reported strong year-end results, providing more evidence of a housing rebound. The company reported a 7% gain in same-store sales for the fourth quarter.
Related: World markets on edge over Italy
An Italian election that failed to produce a clear winner whipsawed U.S. stocks Monday, with the Dow and S&P 500 suffering their biggest one-day declines of the year.
Election results released by the Italian government late Monday showed a narrow victory for the center-left coalition headed by Pier Luigi Bersani in the lower house of parliament.
But former Prime Minister Silvio Berlusconi and other anti-austerity parties were not far behind, and the results pointed to gridlock in the Italian Senate. According to Bloomberg, Berlusconi is weighing an alliance that could break the gridlock.
Investors around the world are wary that stalemate in the Italian Senate could undermine the progress Italy has made in overhauling its troubled economy.
Related: Fear & Greed Index shifts into neutral
European markets were down more than 1% in afternoon trading, following Asian markets which closed lower.
The Hang Seng in Hong Kong fell 1.3%, while the Nikkei in Tokyo dropped 2.3% and the Shanghai Composite lost 1.4%.
Oil prices dropped, while gold prices rose. The U.S. dollar fell versus the euro, the British pound, and the Japanese yen.
The yield on the 10-year Treasury note edged lower to 1.89%, from 1.97% previously. 
First Published: February 26, 2013: 9:56 AM ET
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