Stocks came back from a Monday morning malaise in the first trading sessoin of the week, thanks in part to bullish housing data. Bobbi Rebell reports.
Stocks bounced back from an early deficit. Healthcare and consumer cyclical shares led the way higher. Financial advisor Paul Pagnato of Pagnato Karp at HighTower, says oil is behind the rebound: SOUNDBITE: PAUL PAGNATO, MANAGING DIRECTOR, PAGNATO KARP AT HIGHTOWER (SAYING) ENGLISH: "I think, one of the factors, there's so much attention, so much focus on the energy, particularly oil. And, with oil stabilizing here, staying above $40 a barrel, I think, that puts some minds at ease." Also helping lift sentiment: Homebuilder sentiment rose in August to its highest level in nearly a decade. That offset the dour data on manufacturing activity in New York state that pushed European stocks to close mostly lower. Zulily's shares skyrocketed higher. QVC's owner, Liberty Interactive, is buying the flash sales retailer for $2.4 billion at a 49 percent premium. Morgan Stanley revved up Tesla Motors. Its analyst nearly doubled his price target to $465, predicting that the electric car maker could dominate the market for autonomous cars. Estee Lauder blushing. The cosmetics maker's quarterly revenue fell, and it issued a disappointing earnings forecast due to weak demand for Clinique and Estee Lauder skin care products. It was the day's biggest loser on the S&P 500.