Stocks closed modestly higher on Wall Street Tuesday, enough to nudge the Nasdaq composite to a record high and past 15,000 for the first time. The broader S&P 500 index also set a record high. Banks, consumer-focused companies and small-company stocks outpaced the rest of the market. The price of crude oil had its second solid gain in a row, clawing back some more of the ground it lost over the previous two weeks. Halliburton, Occidental Petroleum and Valero Energy all rose 3% or more. Travel-related companies also rose. The yield on the 10-year Treasury note rose to 1.29%.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks are moving higher on Wall Street in afternoon trading Tuesday, placing the market on track for more record highs.
The S&P 500 was up 0.2% as of 3:35 p.m. Eastern. The benchmark index was on pace to eclipse the all-time high it set early last week. The Dow Jones Industrial Average rose 0.2% and the Nasdaq composite climbed 0.6%, adding to its gains after finishing at a record high on Monday.
A mix of retailers, travel companies, restaurant chains and homebuilders helped lift the market. Banks, industrial companies and energy stocks, which got a boost from another rise in oil prices, also rose. Those gains offset a slide in health care and technology stocks.
Small company stocks were faring better than the broader market. The Russell 2000 index of small company stocks was up 1.1%.
The price of U.S. crude oil rose 2.9%, continuing to recover from a decline earlier in the month. Halliburton, Occidental Petroleum and Valero Energy rose 3% or more.
Best Buy jumped 9.5% for the biggest gain in the S&P 500 after reporting results that were better than analysts were expecting and raising its full-year forecast.
Travel companies were also broadly higher. Las Vegas Sands rose 7.4% and Wynn Resorts gained 7.6%. Airlines and cruise line operators also rose. American Airlines was up 3.7% and Delta Air Lines added 3.3%, while Norwegian Cruise Line climbed 4.6% and Carnival rose 4.6%.
Pfizer fell 3.3% after rising sharply the day before following the Food & Drug Administration’s full approval of its COVID-19 vaccine. The approval has given cities and companies the legal backing to start requiring mandates. On Monday, New York City and the Department of Defense announced vaccine requirements.
Investors will be looking to the Federal Reserve as the Kansas City Fed's annual conference in Jackson Hole, Wyoming starts later this week. It will likely provide Wall Street with more insight into what the Fed may do about inflation. The concern among investors is that the Fed will reduce its bond-buying program later this year to combat inflation.
Bond yields were slightly higher. The yield on the 10-year Treasury note rose to 1.29% from 1.25% the day before.
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