U.S. stocks were moving slightly higher in late-afternoon trading Tuesday, pushing the Nasdaq composite into record territory and nudging the Dow Jones industrial average closer to the 20,000-point mark. The gains were broad, with technology and materials leading the way. Energy stocks also rose as the price of crude oil moved higher.
KEEPING SCORE: The Dow added 18 points, or 0.1 percent, to 19,952 as of 3:32 p.m. Eastern time. The Standard & Poor's 500 index gained 5 points, or 0.3 percent, to 2,269. The Nasdaq composite index rose 29 points, or 0.5 percent, to 5,492.
THE QUOTE: "Markets are moving toward 20,000 and bond yields are up; there's a little bit of buoyancy in oil prices," said Erik Davidson, chief investment officer at Wells Fargo Private Bank. "(But) trading is very, very thin."
BIG GAINER: Chipmaker Nvidia jumped 6.2 percent, the biggest gain in the S&P 500. The stock added $6.80 to $116.58.
BUILD THIS: Several homebuilders were moving higher following reports on home prices and consumer confidence, which bode well for home sales. Lennar led the pack, gaining 74 cents, or 1.7 percent, to $43.30. D.R. Horton added 33 cents, or 1.2 percent, to $27.89. PulteGroup rose 22 cents, or 1.2 percent, to $18.60.
LOOKING FIT: Fitbit climbed 8.9 percent after the fitness tracker company's app became the second-most downloaded in the iTunes store. The stock added 65 cents to $7.94.
NEW DRUG: Biogen rose 1.4 percent on news that the Federal Drug Administration approved a treatment for spinal muscular atrophy, a rare genetic disorder. The FDA approved the drug, Spinraza, late Friday. Biogen is handling marketing for the drug, which was developed by Ionis Pharmaceuticals. Biogen shares added $3.94 to $291.47. Ionis gained $1.98, or 4 percent, to $11.90.
MANUFACTURING FALLOUT: Endologix plunged 25.5 percent after the drugmaker said that the FDA has ordered it to cease shipping a device used to treat abdominal aortic aneurysms because of manufacturing problems. The company said the problem only affects some sizes of its AFX Endovascular AAA system and that no clinical problems have been reported. Endologix shares lost $1.83 to $5.36.
FEELING CONFIDENT: The Conference Board said its consumer confidence index climbed to 113.7 in December, up from 109.4 in November and the highest since it reached 114 in August 2001. The latest reading is another sign consumers are confident in the aftermath of a divisive election campaign.
"This is a pretty darn good time to be a consumer, with inflation low, jobs coming back, wages inching higher, and the strong dollar," Davidson said.
HOME PRICES: An index of U.S. home prices increased in October, as buyers bidding for scarce properties drove home prices higher. The Standard & Poor's CoreLogic Case-Shiller 20-city home price index rose 5.1 percent in October from a year earlier after climbing 5 percent in September. The broader Case-Shiller national home price index was up 5.6 percent in October and has fully recovered from the financial crisis.
MARKETS OVERSEAS: In Europe, Germany's DAX rose 0.2 percent, while the CAC 40 of France closed 0.2 percent higher. Markets in Britain are closed for Boxing Day. Earlier in Asia, Tokyo's Nikkei 225 was nearly flat. The Kospi of South Korea rose 0.2 percent, while India's Sensex added 0.8 percent. Markets in Hong Kong and Australia were also closed.
ENERGY: Benchmark U.S. crude rose 88 cents, or 1.7 percent, to close at $53.90 a barrel in New York. Brent crude, used to price international oils, gained 93 cents, or 1.7 percent, to close at $56.09 a barrel in London.
In other energy trading, natural gas futures rose 10 cents, or 2.7 percent, to $3.76 per 1,000 cubic feet. Wholesale gasoline added 3 cents to $1.65 a gallon and heating oil gained 4 cents to $1.70 a gallon.
METALS: The price of gold rose $5.20 to $1,138.80 an ounce. Silver added 23 cents to $15.99 an ounce. Copper gained 4 cents to $2.52 a pound.
BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 2.56 percent from 2.54 percent late Friday. Markets were closed Monday for the holiday. In currency trading, the dollar rose to 117.45 yen from 117.26. The euro fell to $1.0458 from $1.0452.