U.S. stocks closed slightly higher on Tuesday, as investors shrugged off mildly disappointing economic reports on inflation and housing market. The Dow Jones Industrial Average added 27.48 points, or 0.16%, to 16,808.49. The S&P 500 was up 4.21 points, or 0.22%, to 1,941.99. The Nasdaq Composite gained 16.13 points, or 0.37%, to 4,337.23.
Consumer prices rose in May by the most in more than a year, showing U.S. companies are gaining some pricing power as the economy strengthens, and the homebuilding industry stabilized after a first-quarter swoon.
The U.S. Federal Reserve is widely expected to chop another $10 billion from its monthly bond purchases at a meeting on Tuesday and Wednesday but make few, if any, other concrete policy moves.
Oracle Corp. is scheduled to report its fiscal fourth-quarter results after the close of trading Thursday. Oracle is expected to report sales of $11.48 billion compared with total sales of $10.9 billion a year ago.
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