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NEW YORK (CNNMoney)
The Dow Jones industrial average gained 0.7%, while the S&P 500 added 0.5% and the Nasdaq rose 0.3%. The S&P 500 is once again just a few points away from eclipsing the all-time high it set in October 2007.
Investors were encouraged by reports showing more signs of strength in the U.S. economy. According to the S&P Case-Shiller index, home prices rose 8.1% in January from a year ago, marking the biggest year-over-year gain in prices since June 2006.
New home sales came in at an annual rate of 411,000 in February, down from January and below forecasts. But "conditions remain favorable in the housing market, with prices rising and sales volume still on an upward trend," said Jim Baird, chief investment officer at Plante Moran Financial Advisors.
The U. S. Census Bureau reported that durable goods orders rose 5.7% in February, more than expected. But excluding transportation, new orders decreased 0.5%, a bigger drop than expected.
The Conference Board's consumer confidence index came in at 59.7 in March, which was below expectations and lower than February's reading. But a reading above 50 reflects overall optimism.
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Meanwhile, investors continued to monitor the turmoil in Cyprus but considered the situation with a new sense of calm. Cyprus' banks will remain shut until Thursday to give regulators time to guard against a run on deposits. Some form of capital controls will be applied when the banks eventually reopen.
The island nation agreed early Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and shrink its banking sector, in return for a €10 billion European Union bailout.
European markets were slightly higher in afternoon trading, recovering some ground lost Monday when bank stocks were hit by concern that the Cyprus bailout could serve as a model for future eurozone rescues. Shares of Banco Santander (SAN) and Deutsche Bank (DB) continued to trend lower.
U.S. stocks closed lower Monday as investors fretted over Cyprus, but Mediobanca analyst Christopher Wheeler said that those jitters, which "sent the banks into a tailspin" on Monday, seems to be wearing off. Shares of Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) edged higher in early trading Tuesday.
"I think today there's a bit more settling down, a feeling that the concerns yesterday were a bit overdone," said Wheeler.
Related: Check out CNNMoney's new portfolio tool!
Children's Place (PLCE) reported that sales and profit jumped in 2012. But the company also issued a weak forecast for the first quarter of 2013, citing "the unfavorable weather and weak macro-economic environment." The stock dropped almost 2% in early trading.
In other corporate news, Boeing (BA, Fortune 500) completed the first test flight for its troubled 787 Dreamliner since redesigning the aircraft's battery system.
Asian markets ended mixed. The Shanghai Composite lost 1.3%, the Nikkei declined 0.6% and the Hang Seng added 0.3%.
The dollar declined against the euro, but rose versus the British pound and Japanese yen.
Oil prices edged higher, while gold prices fell slightly.
The price on the 10-year Treasury fell, pushing the yield up to 1.93% from 1.91% late Monday. 
First Published: March 26, 2013: 9:48 AM ET
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