Stocks ended modestly higher Tuesday after sales of new homes rose more than expected last month. Toll Bros. (TOL) and KB Home (KBH) led gains by homebuilders.
The Nasdaq climbed 0.3%, the S&P 500 added 0.2%, and the Dow Jones industrial average edged up 0.1%. Volume was mixed in the stock market today, rising 7% on the NYSE and falling 2% on the Nasdaq compared to Monday, according to preliminary data.
Tesla Motors (TSLA) rose 1% after saying it will launch a battery capable of taking an electric car 315 miles on a single charge, the longest range of any electric vehicle.
The stock ended the day 17% off its 52-week high as it gets support at its 50-day moving average.
After the close, La-Z-Boy (LZB) plunged 16% after investors panned its latest quarterly earnings report. The stock had risen more than 3% during the regular session, hitting a new high.
The company said same-store sales fell 1.9% during the quarter, down from a 5.3% gain a year earlier.
Intuit (INTU) slid more than 3% in post-session trading after the maker of TurboTax software issued a weak outlook for the current quarter.
In the regular session, retailers were among the day's biggest gainers, led by Best Buy (BBY), which soared 19% to a 52-week high following a blowout quarterly earnings report.
Homebuilders got a boost from a strong earnings report from Toll Bros and a 12% jump in July new-home sales. Toll jumped 9%, and KB Home climbed 5%.
Meanwhile, Workday (WDAY), PVH (PVH), HP Inc. (HPQ) and Royal Bank of Canada (RY) are among companies due to report quarterly earnings Wednesday.
Economic data due Wednesday include the Mortgage Bankers Association's index of mortgage applications for the week ended Aug. 20, the FHFA's home price index for June, existing-home sales for July, and weekly crude oil inventories.
