U.S. stocks closed broadly higher Tuesday, as investors cheered a batch of better-than-expected economic reports and merger activity. In U.S. economic news, durable goods unexpectedly rose 0.8 percent in April, according to the Commerce Department, exceeding expectation for a loss of 0.7 percent. S&P/Case-Shiller's composite index of 20 metropolitan areas rose 0.9 percent in March, edging past expectations for a gain of 0.7 percent. Meanwhile, consumer confidence hit 83 in May, in line with expectations. In international economic news, European Central Bank (ECB) chief Mario Draghi said Monday the bank must be "particularly watchful" for any negative price spiral in the euro zone. That added to suggestions from other ECB policymakers that the bank was ready to cut rates next week to counter low inflation and weak lending in the euro zone, keeping asset purchases as an option. The dollar gained ground against the euro, the pound, and the yen. Light sweet crude oil for July delivery dropped 24 cents to $104.11 a barrel on the New York Mercantile Exchange. Gold futures fell $26.20 to $1,265.50 an ounce. The Dow Jones industrial average rose 69.23, or 0.42 percent, to 16,675.50. The broader Standard & Poor's 500 index added 11.38, or 0.60 percent, to 1,911.91. The technology-heavy Nasdaq composite index climbed 51.26, or 1.22 percent, to 4,237.07.
