NEW YORK: US stocks were higher in early trade Tuesday, shrugging off new data on national home prices and consumer sentiment that suggested the economic recovery was meeting stiff headwinds.
At 1415 GMT the Dow Jones Industrial Average gained 27.97 points (0.23 percent) to 12,225.85.
The broad-based S&P 500 index added 1.37 points (0.10 percent) at 1,311.56, while the tech-heavy Nasdaq Composite rose 11.97 points (0.44 percent) to 2,742.65.
Investors took little note of new data showing weaknesses in the economic recovery, but still had their eyes on global trends, said analysts.
"The nuclear threat in Japan in the aftermath of the massive earthquake and tsunami remains, and the health of the European financial sector is stymieing equities across the pond," said analysts at Charles Schwab.
The Conference Board said its consumer confidence index fell from 70.4 percent in February to 63.4 percent, casting a cloud over hopes for an improved economy.
Rising food and energy prices appear to have eroded confidence that had reached a three-year high a month earlier.
"Consumers' inflation expectations rose significantly in March and their income expectations soured," said the Conference Board's Lynn Franco.
Meanwhile the S&P/Case-Shiller index for 20 main US cities showed prices fell by 3.1 percent at an annualized rate in January and S&P said they appeared to be heading lower than the market bottom in early April 2009.
"Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future," said S&P's David Blitzer.
The Wall Street fall came after European markets lost ground as well on Tuesday after a closely watched survey indicating the rate of growth across eurozone manufacturing and services sectors hit a two-month low.
Bond prices fell. The yield on the 10-year Treasury rose to 3.45 percent from 3.45 percent late Monday, while that for the 30-year climbed to 4.51 percent from 4.49 percent Monday.
Bond prices and yields move in opposite directions.
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