Stocks closed higher on Wall Street as two economic reports suggested the economy is cooling enough for the Federal Reserve to pause hiking interest rates.

The S&P 500 rose 1.5% Tuesday, its biggest gain since early June. The Dow rose 292 points and the Nasdaq rose 1.7%.

The Conference Board, a business research group, reported that consumer confidence tumbled in August, surprising economists that were expecting levels to hold steady around the strong July reading.

Job openings in July fell more than economists expected.

Best Buy rose after the consumer electronics retailer beat Wall Street forecasts. Treasury yields fell.