U.S. stocks moved higher on Tuesday and the S&P 500 set a new record high as broad market strength outweighed the travel names held back by Covid fears.
The Dow Jones Industrial Average jumped 278.24 points, or 0.8%, to close at 35,116.40 after briefly falling more than 100 points earlier in the session. The S&P 500 gained 0.8% to notch a new all-time closing high of 4,423.15, while the Nasdaq Composite added about 0.6% to settle at 14,761.29. The Dow is within 0.5% of a record.
Tuesday’s move for stocks served as something of a mirror image to Monday’s market action, which saw a late-day slump drag the Dow and S&P 500 into the red while the tech-heavy Nasdaq held on to a meager gain.
Through Friday, 88% of S&P 500 companies had reported a positive earnings surprise for the second quarter, which will mark the highest percentage since FactSet began tracking this metric in 2008.
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