Bargain hunting, reports boost stocks

? Gains in consumer confidence and durable goods orders brought buyers back to Wall Street Tuesday, sending stocks solidly higher and ending a four-session losing streak for blue chips.

Analysts said the advance had as much to do with lower prices as positive economic news. Bargain hunting was expected after the extended sell-off, which came on concerns about the pace of the business turnaround and fears that possible interest rate hikes might further hamper profits.

“The durability of today’s rally remains uncertain. … Concerns still linger over the fact that the Fed may raise interest rates at a time when earnings numbers are not strong enough to carry the economy,” said Alan Ackerman, executive vice president at Fahnestock & Co.

The Dow Jones industrial average ended the lightly traded session up 71.69, or 0.7 percent, at 10,353.36. The blue chip index lost 353.58 in the previous four sessions, giving back all of its March advance.

Many analysts doubt that the market is again on an upward path, especially ahead of first-quarter earnings reports. The market’s performance Tuesday underscored that uncertainty as the Dow fell back from its session high, a gain of 151.12.

Stocks advanced on a Commerce Department report that said orders for big-ticket goods including airplanes and household appliances rose 1.5 percent in February, the third consecutive monthly gain. The increase is consistent with several reports during the past month that indicate improvement in the manufacturing sector.

Wall Street also was pleased with the Conference Board’s Consumer Confidence Index, which soared in March to a seven-month high, reaching 110.2 and surpassing analysts’ forecast of 98.