NEW YORK — A summer swoon for the stock market appears to be over for now.
The Standard & Poor’s 500 index closed within six points of its all-time high Tuesday, less than two weeks after slumping on concerns about rising tensions in Iraq and Ukraine.
Investors were encouraged by economic reports that suggested growth may be poised to pick up, while inflation remains subdued. A pair of company earnings reports also hinted that consumers are getting more confident and spending more.
Home Depot, the nation’s largest home improvement retailer, rose after raising its annual profit forecast following a strong spring selling season. TJX, the parent company of T.J. Maxx, Marshalls and other stores, climbed on strong earnings.
“The economic reports … have been coming out better than expected,” said Robert Pavlik, Chief Market Strategist at Banyan Partners. “There’s been a shift in the focus of investors away from some of the geopolitical events.”
The Standard & Poor’s 500 index gained 9.86 points, or 0.5 percent, to 1,981.60. The index is up 1.4 percent for the week and is approaching its record close of 1,987.98 reached July 24. The Dow Jones industrial average rose 80.85 points, or 0.5 percent, to 16,919.59. The Nasdaq composite climbed 19.20 points, or 0.4 percent, to 4,527.51.