The S&P 500 rose 0.90% to 1,576.49 in afternoon trading Tuesday.
The Dow Jones industrial average was up 0.84% to 14,689.21, while the Nasdaq was up 1.08% to 3,268.60.
The yield on a 10-year Treasury bond was flat at 1.7%.
The price of gold was off 0.53% to $1,413.40 per ounce.
Western Digital Corp. rose 4% to $52.64, for a market capitalization of $12.64 billion. The Irvine-based disk drive maker is up 16% so far this year and is expected to report third-quarter results after market close on Wednesday.
Newport Beach-based Acacia Research Corp. rose about 6% to $23.61 on the announcement of an annual cash dividend of $0.50 per common share, to be paid out quarterly beginning May 30. The company's board of directors also extended a $100 million share repurchase plan.
Homebuilders were up in midday trading on the news that March single-family home sales rose 1.5% from the previous month, according to data released by the U.S. Department of Commerce.
Irvine homebuilder Standard Pacific Corp. was up about 3% to $8.52 for a market value of $3 billion.
Tri Pointe Homes LLC of Irvine rose about 2.5% to $19.32. Tri Pointe had a recent market value of $609.82 million.
CoreLogic Inc. was up about 2% to $24.43 for a market value of $2.4 billion. The Irvine-based company provides data and analytics for the real estate and mortgage industries.