The U.S. Census Bureau of the Department of Commerce announced that construction spending during January was estimated at a seasonally adjusted annual rate of $1,140.8 billion, 1.5% above the revised December estimate of $1,123.5 billion. The January figure is 10.4% above the January 2015 estimate of $1,033.3 billion.

Stocks closed sharply higher Tuesday, giving the market its best day in more than a month. According to the Associated Press, traders were encouraged by several pieces of good news about the U.S. economy, including a jump in construction spending to the highest level in eight years. The Dow surged 348.58 points (2.11%) to 16,865.08, the NASDAQ climbed 131.65 points (2.89%) to 4,689.60, and the S&P 500 closed 45.92 points (2.38%) higher at 1,978.15. The Russell 2000 increased 20.60 points (1.99%) to 1,054.49, and the Wilshire 5000 rocketed 467.25 points (2.37%) to 20,216.90.

On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues nearly 5 to 1. On the NASDAQ, 2.6 billion shares changed hands, with a 3 to 1 lead for advancers.

ON THIS DATE: In 1807, the U.S. Congress passed an act to “prohibit the importation of slaves into any port or place within the jurisdiction of the United States… from any foreign kingdom, place, or country.” In 1836, Texas declared its independence from Mexico and an ad interim government was formed. In 1861, the U.S. Congress created the Territory of Nevada. In 1877, Rutherford B. Hayes was declared the winner of the 1876 presidential election by the U.S. Congress. Samuel J. Tilden, however, had won the popular vote on November 7, 1876. In 1899, Mount Rainier National Park in Washington was established by the U.S. Congress. In 1899, U.S. President William McKinley signed a measure that created the rank of admiral for the U.S. Navy. The first admiral was George Dewey. In 1917, citizens of Puerto Rico were granted U.S. citizenship with the enactment of the Jones Act. In 1925, state and federal highway officials developed a nationwide route-numbering system and adopted the familiar U.S. shield-shaped, numbered marker. In 1933, the motion picture King Kong had its world premiere in New York. In 1998, images from the American spacecraft Galileo indicated that the Jupiter moon Europa has a liquid ocean and a source of interior heat. In 2004, NASA announced that the Mars rover Opportunity had discovered evidence that water had existed on Mars in the past.

WEDNESDAY WISDOM: “A lie can travel half way around the world while the truth is putting on its shoes.”—Charles Spurgeon, British preacher