NEW YORK: US stocks rose by the most in nearly two weeks on Tuesday after data showed business investment and the housing recovery continued apace, reassuring investors worried about the Federal Reserve's plans to reduce its massive monetary stimulus.
Analysts said the gains were fueled by a mix of buyers: hedge funds and both small and wealthy retail clients attracted by the market's recent drop. Position trimming by institutions due to recent volatility pulled the market back from its highs in the final minutes of trading.
The gains, led largely by financial stocks, came even as the latest drop in bond prices indicated higher interest rates. A lightly bid two-year government debt auction disappointed bond traders who were looking for bargain-minded investors to buy Treasuries hard hit in the recent market selloff.
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