NEW YORK (AP) — The stock market moved closer to ending another strong quarter with a modest advance Tuesday.
The Dow rose 11.56, or 0.1 percent, to 10,907.42. The Dow was up as much as 44 points in morning trading.
The Standard & Poor’s 500 index rose 0.05, or less than 0.1 percent, to 1,173.27, while the Nasdaq composite index rose 6.33, or 0.3 percent, to 2,410.69.
The Dow Jones industrial average added 12 points for its fourth straight gain.
The mood in the market was upbeat after a report that consumer confidence grew more than expected in March, although it’s still well below historical levels that indicate a strong economy. A separate report showed home prices inched higher for the eighth consecutive month.
Analysts expect trading to be erratic Wednesday because of the end of the January-March quarter. At the end of a quarter, institutional investors typically engage in what’s known as window dressing, or trades intended to boost returns on reports sent to shareholders. Many also refrain from big moves. Tuesday’s volume was also light as many traders took the day off for Passover or in advance of Easter.
A slow, steady climb higher in stocks over the past two months is also giving investors reasons to collect some profits at the end of the quarter.
“A bout of profit-taking would be normal and expected after the rise we had,” said Mitch Schlesinger, managing director of FBB Capital Partners in Bethesda, Maryland. With one day left in the quarter, the Dow Jones industrial average is up 4.6 percent for the period. That’s a sizable gain and puts the market on pace for a strong year.
The day’s economic reports provided new evidence that the economy is improving, albeit slowly. Other reports in recent weeks have signaled that a recovery is continuing. The Dow has risen in 19 of the past 23 days and is now at its highest level since September 2008.
The Conference Board said its consumer confidence index rose to 52.5 in March, from 46.4 last month. Economists polled by Thomson Reuters had forecast it would rise to 50.
While the reading would indicate improvement, it is far from signaling a healthy economy. A reading above 90 means the economy is on solid footing.
“We’re starting to see consumers come back in an adequate manner,” said Larry Rosenthal, president of Financial Planning
Services in Manassas, Virginia. “Not strong, but adequate.”