(CNBC) — U.S. stocks closed more than 1 percent higher Tuesday, following encouraging reports on the housing market and sharp gains in European stocks.
"Certainly we followed Europe on the weaker euro even though a strong dollar's not really good for U.S. stocks, and obviously the new home sales (helped)," said Peter Boockvar, chief market analyst at The Lindsey Group. He said much of the gains were "noise" and noted the S&P has recently held in a range between 2,040 and 2,100.
Toll Brothers traded more than 8.5 percent higher and remained on pace for its best day since 2013. The luxury homebuilder reported earnings that beat on both the top and bottom line, as the company sold more luxury homes at higher prices, mainly in California. The firm also raised its forecast for home sales.
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