By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks rose on Tuesday, with the S&P 500 hitting an intraday record after closing above 1,900 for the first time. Broad-based gains were led by financials and utilities sectors.

Analysts are watching trading volumes to see if they will validate new highs on the S&P 500. The benchmark index closed at a record level on Friday amid the lightest trading volume this year.

While headline number on a number of reports on Tuesday were positive and better than expected, details worried investors. Orders for big-ticket items climbed thanks to demand for military equipment, but bookings fell in most civilian categories. Home prices rose in March for the first time in five months, however annual growth is still slowing. Consumer confidence edged up in May, matching expectations. Markets were closed on Monday for Memorial Day holiday.

The S&P 500 (SPX) rose 9.4 points, or 0.5%, to 1,909.79. The Dow Jones Industrial Average (DJI) gained 64 points, or 0.4%, to 16,670.71.

The Nasdaq Composite (RIXF) added 38 points, or 0.9%, to 4,224.45.

The Russell 2000 index (RUT) added 14 points, or 1.2%, to 1,139.92.

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Colin Cieszynski, chief market strategist at CMC, says that traders came back from the long-weekend in a good mood.

"Gold is positively hammered and the fact that the S&P 500 is trading above the 1,910 level suggests there is a real flow of capital back into riskier assets and away from havens, Cieszynski.

"After new highs in the industrials and transports a few weeks ago, this is a confirmation that there is breadth to this rally. However, the fact that the Vix is so low means that investors are getting complacent, so that is worrying," he added

Quincy Krosby, market strategist at Prudential Financial, said headline numbers on Tuesday's economic reports were good, but one could also find negative details.

"Durable-goods orders rose, but capex part actually declined. Corporations are still hesitant to invest in capital expenditures. For this market to go higher, companies must deliver top-line growth, because we know the Fed is winding down the QE," Krosby added.

U.S. home prices rose in March, but annual growth is slowing down, with Las Vegas and other "boom-bust" markets posting slower gains, according to data released Tuesday covering 20 major cities.

A spike in demand for military hardware boosted orders for U.S. durable goods in April, but bookings fell in most civilian categories following even larger increases in the prior month than previously reported.

The Conference Board said its consumer confidence index in May rose to 83 -- matching the MarketWatch-compiled economist consensus -- from 81.7 in April. Both the present situation and expectations index advanced.

Hillshire soars on acquisition offer

An offer to buy Hillshire Brands Co. (HSH) for $45 a share came from Pilgrim's Pride Corp. (PPC). Hillshire shares were up 21% to $44.88. Hillshire earlier this month proposed to buy Pinnacle Foods Inc. (PF) for $4.3 billion. Pinnacle shares fell 5.9%.

In corporate news, shares in car-parts retailer AutoZone Inc. (AZO) were slightly higher after the company reported fiscal third-quarter earnings in line with analysts' expectations.

Gold, oil fall

In other financial markets, European stocks traded mostly higher, while Asia closed mixed. In Russia, the MICEX blue-chips index dropped 2.6% as Ukraine's army said it has retaken Donetsk International Airport, with more than 30 pro-Russian militants killed in the process, media reports said.

Futures for oil (CLN4) slipped, while futures for gold (GCM4) fell 1.2%. The dollar (DXY) also traded lower compared with Friday.

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