May 26, 2009

U.S. markets climb Tuesday

U.S. markets gained ground Tuesday morning, as consumer confidence overcame news that U.S. home prices were continuing to fall.

The S&P Case-Schiller home-price indexes showed home prices falling in 17 of 20 U.S. cities. But the Conference Board said said the Present Situation Index rose from 25.5 to 28.9 in May, while the Expectations Index soared from 51 to 72.3.

In early afternoon trading, the Dow Jones industrial average gained 196.89 points, or 2.38 percent, to 8,474.21. The Standard & Poor's 500 rose 2.49 percent, 22.08 points, to 909.08. The Nasdaq composite index gained 55.57 points, 3.28 percent, to 1,747.58.

The benchmark 10-year U.S. Treasury bond rose 5/32 to yield 3.47 percent.

The euro fell to $1.3975, compared to the previous mark of $1.4011. Against the Japanese yen, the dollar traded higher at 94.91, compared to 94.82.

In Tokyo, the Nikkei average lost 36.19 points to 9,310.81, off 0.39 percent.

In London, the FTSE 100 index added 46.43 points, 1.06 percent, to 4,411.72.