Dow Notches 18-Month High

Dow Powers Above 10,900, Despite Sleepy Session
Despite a round of generally positive economic data, stocks had trouble finding a foothold on positive ground today. Bright and early, investors learned that the S&P Case-Shiller home-price index fell 0.7% in January, marking its slimmest annual decline in nearly three years, while home prices edged 0.3% higher on a monthly basis. Elsewhere, the Conference Board reported that its consumer confidence index jumped to 52.5 in March, reversing a portion of the previous month's steep drop. However, traders also considered a dismal bond sale by Greece, along with a credit-rating downgrade for Iceland from Standard & Poor's. With concerns about the global economy still weighing heavy -- and with the week's marquee payrolls report looming on Friday -- most traders seemed content to watch the market chop sideways throughout today's session.

The Dow Jones Industrial Average (DJIA – 10,907.42) ended the day on a slim gain of 11.6 points, or 0.1%, as exactly half of its 30 components made the trek higher. Verizon Communications (VZ) and 3M Company paced the 15 advancing blue chips, while AT&T (T) set the pace for the 15 laggards. While today's climb seems relatively tame, it actually marks the Dow's first close above 10,900 -- as well as its highest daily close -- since Sept. 26, 2008.

Meanwhile, the S&P 500 Index (SPX – 1,173.27) finished almost flat, adding just 0.05 point by the close. Today's stagnant action aside, the SPX is still poised to notch a key victory above its 160-month moving average in tomorrow's trading.

Finally, the Nasdaq Composite (COMP – 2,410.69) also crept higher, tacking on 6.3 points, or 0.3%. The COMP's intraday low was neatly contained by short-term support at its 10-day moving average, though the tech-rich index remains pinned by the looming 2,420 level.

Crude futures inched higher today, with traders taking their cues from the day's upbeat data on housing and consumer confidence. However, following a steep rally on Monday, the hot commodity's gains were relatively modest ahead of tomorrow's inventory reports. Plus, thanks to fresh concerns about the global economy, a strong day for the U.S. dollar further limited oil's positive momentum. By the close, crude oil for May delivery tacked on just 20 cents, or 0.2%, to end at $82.37 per barrel.