US Stocks Rebound on Strong Economic Data and Consumer Confidence

US stock indexes rebounded on Tuesday as upbeat economic data eased concerns about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes. The blue-chip Dow ended a six-day slump, and the PHLX Housing index hit an all-time high. The tech-heavy Nasdaq is on track to notch its best first-half performance in 40 years with a near 29% gain. Traders are pricing in a 79.4% chance the Fed will raise interest rates by 25 bps to 5.25%-5.50% range in its July meeting, according to CME Group's Fedwatch tool.