Wall Street higher as consumer confidence rises

Gains in consumer confidence and durable goods orders brought buyers back to Wall Street today, sending stocks solidly higher and ending a four-session losing streak for blue chips.

Analysts said the advance had as much to do with lower prices as positive economic news.

Bargain hunting was expected to follow the extended sell-off, which came on concerns about the pace of the business turnaround and fears that possible interest rate hikes might further hamper profits.

‘‘The durability of today’s rally remains uncertain. Concerns still linger over the fact that the Fed may raise interest rates at a time when earnings numbers are not strong enough to carry the economy,’’ said Alan Ackerman, executive vice president at Fahnestock & Co.

The Dow Jones industrial average ended the session up 71.69, or 0.7% at 10,353.36. The blue chip index lost 353.58 in the previous four sessions, giving back all of its March advance.

Many analysts doubt that the market is on an upward path, especially ahead of first-quarter earnings reports. The market’s performance today underscored that uncertainty as the Dow fell back from its session high, a gain of 151.12.

The broader market followed the Dow’s trading pattern. The Nasdaq composite index declined 11.68, or 0.6% to 1,824.17, retreating from an earlier advance of 31.47.

The Standard & Poor’s 500 index rose 6.62, or 0.6% to 1,138.49. The S&P had risen as much as 15.13.

Analysts expect low volume to factor into trading throughout the week as many traders take time off for Passover, which begins Wednesday, and Easter. The market will be closed on Good Friday.

Stocks advanced on a Commerce Department report that said US factories for goods including airplanes and household appliances rose 1.5% in February, the third consecutive monthly gain. The increase is consistent with several reports over the past month that indicate improvement in the manufacturing sector.

Wall Street also liked what the Conference Board said about its consumer confidence index, which soared in March to a seven-month high.

But analysts are wary of predicting a big spring rally.

‘‘There’s still a lot of concern about the strength of the recovery,’’ said Stephen Carl, head of US equity trading at the Williams Capital Group.

Analysts also said stock prices might have risen too high, too fast, and that investors also are likely to take some profits as companies begin reporting first-quarter earnings results next month.

Advancing issues outnumbered decliners 17 to 13 on the New York Stock Exchange. Trading volume was light.

The Russell 2000 index, which measures the performance of smaller company stocks, rose 5.27, or 1.1% to 501.66.