Wall Street added to its recent run of milestones Tuesday as stock indexes hit new highs again and the Dow Jones Industrial Average closed above 36,000 points for the first time.
The Dow and benchmark S&P 500 each rose 0.4%. The Nasdaq gained 0.3%. The three indexes also notched all-time highs Monday.
The gains were broad, with all but two of the 11 sectors in the S&P 500 closing higher. Technology and health care stocks helped power much of the advance. Losses in energy stocks and a mix of companies that rely on direct consumer spending tempered the market’s gains.
Trading continued to be wobbly, with the major indexes all briefly slipping into the red before recovering. The latest modest gains came ahead of more news this week from the Federal Reserve and on the jobs market. Investors were also reviewing a heavy load of corporate earnings for more clues how companies are faring as the economy moves past the virus pandemic.
Wall Street has been pleasantly surprised that corporate earnings reports have proven to be stronger than expected, despite worries about the impact on profits from supply disruptions and rising inflation.
“They seem to be dealing with the supply chain issue, as far as revenue and costs go, so far,” said Liz Young, chief investment strategist at SoFi. “We all expected that third-quarter earnings might be held back slightly by some of those pressures.”
The S&P 500 index extended its winning streak into a fourth day Tuesday, rising 16.98 points to 4,630.65. The Dow gained 138.79 points to 36,052.63, and the tech-heavy Nasdaq added 53.69 points to 15,649.60.
Small company stocks also bounced back from an early pullback, nudging the Russell 2000 index to its first all-time high since March. The Russell gained 3.74 points, or 0.2%, to 2,361.86.
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