Gains in the tech sector lifted US stocks on Tuesday, offsetting another batch of weak data showing slumping factory orders and dismal pending home sales. Investors shrugged off the disappointing data as they looked ahead to President-elect Barack Obama's proposed economic plan, which would include the largest US infrastructure investment since the 1950s.
The Dow Jones industrial average was up 52.17 points, or 0.58 percent, to 9,005.06. The Standard & Poor's 500 Index added 7.57 points, or 0.82 percent, to 935.02. The Nasdaq Composite Index gained 24.37 points, or 1.50 percent, to 1,652.40. Tech shares, which are seen as better prepared to weather the current economic downturn due to large cash reserves, were a bright spot. International Business Machines Corp and Hewlett-Packard Co pushed the Dow higher, rising 2.8 percent and 6 percent respectively.