Stocks surged in early trading Tuesday after U.S. home prices rose the most in seven years and consumer confidence rose to a five-year high.
A recovery in the housing market has been an important factor driving the stock market to record highs this year. That rally appeared to be faltering last week after the Dow Jones industrial average and the Standard & Poor's 500 index logged their first weekly losses in four weeks.
The Dow was up 213 points, or 1.4 percent, to 15,516 as of 10:22 a.m. Eastern Daylight Time. The S&P 500 index rose 24 points, or 1.5 percent, to 1,673.
Home builder stocks had some of the biggest gains early Tuesday after the Standard & Poor's/Case-Shiller survey found that home prices in the U.S. rose 10.9 percent in March, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes. The survey was released before the stock market opened.