News that home-price declines are starting to abate, consumer confidence is on the rise and Ben Bernanke has been tapped for a second term as Fed chairman gave investors a renewed sense of confidence Tuesday, helping to briefly push the Dow to a 10-month high of 9600.

The Dow Jones Industrial Average ended the day 30 points higher at 9539. The Nasdaq climbed 6 points to 2024 and the S&P 500 was up 2 to 1028.

To many investors, the Bernanke announcement, made Tuesday morning, signals Obama's own vote of confidence in the Princeton economist and scholar of the Great Depression. White House Chief of Staff Rahm Emanuel said the President credits the Fed Chair "for pulling the economy back from the brink of depression," according to news reports. Bernanke must be confirmed by the Senate, which is expected to pass the measure.

"I don't think the market is at all surprised. Why would you switch horses midstream with the expert of the Great Depression and the Japanese lost decade?" said Robert Howe, founder of Hong Kong-based Geomatrix.

Other data also helped boost the markets. The S&P/Case Shiller home-price index for June dropped 15.4%, the smallest decline since April 2008. And the Conference Board reported that U.S. consumer confidence rebounded in August, especially regarding expectations for the economy six months from now. As a result, retail ETFs turned in some gains.

For a detailed rundown on Tuesday s trading session see our market story.

Winners

The SPDR S&P Retail fund climbed 2.3% following the encouraging consumer confidence news, as well as positive results from Big Lots and Chico's FAS, which reported same-store sales growth.

The SPDR S&P Homebuilders fund rose on housing data that encouraged investors to look to a recovery.

Losers

The Oil Service HOLDRS dipped 2.1% as crude priced slipped below $72 a barrel. The SPDR S&P Oil & Gas Exploration & Production fund dipped 1.9%.

Wednesday s Notebook

Earnings and Conference Calls
Angeion, Canadian Imperial Bank of Commerce, Charming Shoppes, China National Offshore Oil Corporation, Coldwater Creek, Crossroads, DSW, eLong, Guangshen Railway, Guess, Jo-Ann Stores, Michaels Stores, Sigma Designs, Swiss Life, Tivo, Williams-Sonoma

Economic Data
7:00 a.m. MBA Purchase Applications
8:30 a.m. Durable Goods Orders
10:00 a.m. New Home Sales
10:30 a.m. EIA Petroleum Status Report