Wall Street Defies Weak Data To Edge Up

Wall Street stocks shook off lacklustre housing and consumer data to close higher on Tuesday, with energy and pharmaceutical shares among the leaders.

The Dow Jones Industrial Average finished the session at 25,658, a gain of 0.55 per cent.

The broad-based S&P 500 and the tech-rich Nasdaq Composite Index each gained a little over 0.7 per cent, to settle at 2,818 and 7,692, respectively.

Economic data on consumer confidence and home construction released early in the day were weak, which briefly sent stock prices lower, but the trend did not hold.

Karl Haeling of LBBW said investors had been reassured by reports in recent days saying the growth fears are exaggerated, which may have prompted investors to come off the sidelines to buy equities following a rout late last week.

"It's just a little bit of a calming down after the panic attack Friday," he said.

Apple fell slipped more than 1 per cent after an International Trade Commission judge ruled the company violated a patent held by chipmaker Qualcomm and said recommended banning imports of some iPhone models. Qualcomm jumped 2.4 per cent. (AFP)