S&P 500 holds on to modest gains after strong readings for home prices and consumer confidence

The S&P 500 notched another record high on Tuesday amid bullish economic data, but overall gains for the stock market were muted as Wall Street continued its recent period of low volatility. The broad market index ticked up about 0.1% and set an intraday record high in morning trading. The Dow Jones Industrial Average was up 35 points after being up more than 100 points earlier in the session, while the tech-heavy Nasdaq Composite rose about 0.2%.

Homebuilder stocks moved higher after S&P CoreLogic Case-Shiller said home prices rose more than 14% in April compared to the prior year. Five U.S. cities, including Seattle, saw their largest annual increase on record. Shares of Lennar and PulteGroup rose 1% and 2%, respectively.

Semiconductor stocks gained strength later in the session, with Skyworks and Advanced Micro Devices climbing 4.2% and 2.9%, respectively. General Electric boosted the industrials sector, rising over 1% after Goldman Sachs named the stock a top idea. Mining stock Freeport-McMoRan also added more than 1%. The market has churned out a series of record highs in recent weeks, but the gains have been relatively modest and some strategists have pointed to weak market breadth, measured by the performance of average stocks and the number of individual names making new highs, as a potential area of concern.

S&P 500 holds on to modest gains after strong readings for home prices and consumer confidence, CNBC, Jun 30