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NEW YORK (CNNMoney)
The Dow Jones industrial average and the S&P 500 both gained about 0.2%, which was enough to push tthe S&P 500 to a new intraday high and the Dow just shy of one. The Nasdaq was up about 0.6%.
The gains came after a measure of consumer sentiment rose to the highest level since Jan. 2008. The Conference Board's index of consumer confidence increased to 85.2 in May from 82.2 in April, suggesting that Americans remain optimistic about the economy.
There was also good news on the housing front. Home prices nationwide continued to rise in April. The S&P/Case-Shiller index measuring the value of residential real estate in 20 U.S. cities increased 1.1%. Separately, the government said sales of new homes rose more than 18% in May from April.
Related: Will the Dow crack 17,000 this week?
Stocks to watch -- Buffalo Wild Wings, Carnival, Walgreens: The World Cup has been good for business at Buffalo Wild Wings (BWLD), according to one analyst. Shares of the sports-themed restaurant chain jumped 6% Monday after an analyst at Wunderlich Securities increased his price target for shares after seeing all the demand for the flagship wings for soccer games. But the stock was down in trading Tuesday as the enthusiasm waned a bit.
Carnival Corp (CCL)reported quarterly results that topped expectations, but the company's forecasts for the rest of the year weren't as rosy. The stock dropped over 2%. The cruise line operator blamed fuel prices and currency exchange rates, which it said will reduce earnings full-year by 6 cents per share.
Walgreens (WAG) said earnings rose nearly 16% in the first quarter, but the results missed analysts' expectations. Shares fell more than 1%.
You might not have heard of Vertex Pharmaceuticals (VRTX), but it's worth looking up today. Shares soared 40% after the company said a study of its cystic fibrosis drug produced positive results.
Related: CNNMoney's Tech30
Dubai enters bear market. Stocks in Dubai have been battered by concerns about the growing turmoil in Iraq, where insurgents have been gaining ground in the oil-rich nation.
The Dubai DFM General index plunged more than 6% overnight. It was the worst one-day drop since Oct. 2008, according to a note from analysts at ETX Capital. The index is down more than 22% so far this month, putting the Persian Gulf Emirate in a bear market.
"There is a possibility that traders are liquidating positions as a result of the current situation in Iraq which has eaten at sentiment in the Emirate region," the analysts wrote.
Abe lets another arrow fly in Japan: Japan's government has released details on the third and final phase of Prime Minister Shinzo Abe's ambitious plan to jolt the country's economy out of stagnation. Companies may pay less tax as a result, but the response in the stock market was muted. The Nikkei ended flat.
Related: Fear & Greed Index still extremely greedy
European markets were mixed in afternoon trading.
The ruble and Moscow stock index were stronger, continuing their recovery from sharp losses earlier this year as fears about an escalation of the crisis in Ukraine fade. A ceasefire between government forces and pro-Russian separatists declared last Friday appears to be holding. Sentiment was also improving after Abbott Laboratories (ABT) said Monday it would buy Russian pharmaceutical company Veropharm for as much as $495 million, underlining the waning threat of sanctions.
First Published: June 24, 2014: 9:53 AM ET
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