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Stocks finished higher Tuesday. The Dow climbed 63 points to 25822, while the S&P 500 added 5 points to 2862. The Nasdaq Composite gained 38 points to 7859.
The major averages advanced, sending the S&P 500 to a new record high intraday. The index remains on track to mark the longest-ever bull market on Wednesday. The small-cap Russell 2000 index also rallied to a record level. On the central bank front, tomorrow’s release of the Fed’s August meeting minutes will likely garner attention. Later in the week, Fed Chair Jerome Powell is slated to deliver remarks at the annual Economic Policy Symposium in Jackson Hole, Wyoming. There were no economic releases of note today.
Seven of 11 S&P 500 sectors closed in positive territory with Consumer Discretionary shares pacing gains on strong earnings reports. TJX Companies rallied 4.7% to $106.46 after the discount-clothing chain topped analyst estimates and raised full-year guidance. Consumer Staples lagged as JM Smucker lost 6.6% to $108.20 after cutting its full-year outlook. In other earnings, Medtronic climbed 5.7% to $95.17 after besting consensus forecasts on the top and bottom line. In other corporate news, online brokerage company shares declined following JPMorgan’s unveiling of a discount trading service.
Breadth was positive on issues by 7:3 on the NYSE and 11:5 on the Nasdaq. Composite NYSE volume was more than 4.1 billion shares.
Treasuries declined, sending the yield on the 10-year note up two basis points to 2.84%. In commodities, WTI crude climbed 1.4% to $67.35/barrel. COMEX gold added 0.5% to $1192.60/ounce amid a weaker dollar.