Stocks Ended Higher on Strong Economic Data

U.S. stocks finished higher on Tuesday following better-than-expected economic data. The Dow Jones Industrial Average rose 150.52 points, or 0.73%, to 20,701.50. The S&P 500 added 16.98 points, or 0.73%, to 2,358.57. The Nasdaq Composite gained 34.77 points, or 0.60%, to 5,875.14.

US consumer confidence spiked to a 16-year high in March, according to the Conference Board’s monthly survey. The headline index jumped to 125.6, the highest since December 2000. Economists had forecast that the index dipped in March to 114.0 from a 15-year high of 114.8, according to Bloomberg.

Oil prices settled at a roughly one-week high Tuesday, buoyed by disruptions to Libyan crude production and talk of a six-month extension to an OPEC-led pact to limit global output. May West Texas Intermediate crude oil rose 64 cents, or 1.3%, to settle at $48.37 a barrel. May Brent crude tacked on 58 cents, or 1.1%, to $51.33 a barrel.

President Trump signed an executive order at the Environmental Protection Agency’s headquarters in Washington on Tuesday that rolled back many of President Barack Obama’s climate change initiatives.