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Stocks climbed on Tuesday, with the Nasdaq furthering gains that have it at a 14-year high, as strong economic reports offered a benign view on inflation and cast a better-than-anticipated light on the housing market. The Dow Jones Industrial Average closed unofficially 80 points higher, the S&P 500 rose 9 points and the Nasdaq added 19 points to finish at 4527.51. The government's consumer price index increased 0.1 percent in July, in line with expectations and indicating the cost of living remains muted even as the economy improves. The Commerce Department reported beginning home construction rose 15.7 percent last month from June, while starts for volatile multi-family homes jumped 33 percent. "We're starting to see less of a focus on geopolitical events and more of a focus on earnings and the underlying health of the economy, which is clear from the housing data for July," said Jeff Greenberg, senior economist at J.P. Mogan Private Bank.
- Kate Gibson, CNBC.com