U.S. stocks rose on Tuesday as consumer confidence and housing data reaffirmed the view that the economy was stabilizing, and Apple Inc's move to develop a new iPhone boosted telecom and chipmaker shares.
U.S. consumer confidence rebounded in March, helped by a slight increase in optimism about the labor market, according to a report released by the Conference Board.
The answers to the labor market questions did show some improvement. Those that said jobs were plentiful matches the highest level since June 2009, said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.
Earlier data on Tuesday on January home prices also pointed to stability in the U.S. housing market.
Verizon shares were up 2.3 percent at $31.18 while AT&T
The Dow Jones industrial average <.DJI> was up 21.61 points, or 0.20 percent, at 10,917.47. The Standard & Poor's 500 Index <.SPX> rose 1.86 points, or 0.16 percent, at 1,175.08. The Nasdaq Composite Index <.IXIC> gained 4.97 points, or 0.21 percent, at 2,409.33.
The Dow is up 4.7 percent for the quarter so far, down from gains of 7.4 percent in previous quarter, while the Nasdaq is on track for a 6.4 percent gain this quarter versus an increase of 6.9 percent in the fourth quarter.
Toyota Motor Corp <7203.T>
U.S. drug maker Eli Lilly
Key labor market data is due on Friday, with a U.S. Labor Department report expected to show the economy created about 190,000 jobs in March, but investors will have to be brave enough to bet ahead of the data release because the U.S. stock market will be closed for the Good Friday holiday.
(Reporting by Angela Moon; Editing by Padraic Cassidy)