Stocks buoyed by upbeat data, earnings

A summer swoon for the stock market appears to be over for now.

The Standard & Poor’s 500 index closed within 6 points of its all-time high Tuesday, less than two weeks after slumping on concerns about rising tensions in Iraq and Ukraine.

Investors were encouraged by economic reports that suggested growth may be poised to pick up, while inf lation remains subdued. A pair of company earnings reports also hinted that consumers may be getting more confident and spending more.

Home Depot, the nation’s largest home improvement retailer, rose after raising its annual profit forecast following a strong spring selling season.

TJX, the parent company of T.J. Maxx, Marshalls and other stores, climbed on strong earnings.

“The economic reports … have been coming out better than expected,” said Robert Pavlik, chief market strategist at Banyan Partners. “There’s been a shift in the focus of investors away from some of the geopolitical events.”

The S&P 500 gained 9.86 points, or 0.5%, to 1,981.60. The index is up 1.4% for the week and is approaching its record close of 1,987.98 reached July 24. The Dow Jones industrial average rose 80.85 points, or 0.5%, to 16,919.59. The Nasdaq composite climbed 19.20 points, or 0.4%, to 4,527.51.

TJX was the biggest gainer in the S&P 500 on Tuesday. The company’s stock rose $4.66, or 8.6%, to $58.56 after it reported that its quarterly income climbed 8% as sales strengthened in the U.S. and abroad. The results beat the estimates of analysts.

Home Depot jumped $4.64, or 5.6%, to $88.23 after the company said its quarterly income surged 14%.

A report that showed inflation remains subdued also gave stocks a lift.

Consumer prices edged up 0.1%, after larger gains of 0.3% in June and 0.4% in May. If inf lation remains constrained, investors judge that the Federal Reserve will be able to keep its key interest rate low for longer.