Stocks resume rally after Wal-Mart Stores confirms $20 billion buyback plan.
U.S. stocks advanced Tuesday, with the Dow Jones Industrial Average (NYSEARCA:DIA) setting new highs after trailer Wal-Mart Stores Inc. announced a $20 billion buyback.
The Dow 30 index climbed 69.61 points, or 0.2%, to close at 22,830.68. That was Dow’s first record close since Thursday.
Shares of Wal-Mart surged more than 4% after announcing its buyback plan. In doing So, the retailing giant reaffirmed its earning outlook for the year.
The large-cap S&P 500 Index (NYSEARCA:SPY) rose 0.2% to 2,550.64, with most sectors finishing in positive territory. Consumer staples and utilities led the rally.
The technology-focused Nasdaq Composite Index (NYSEARCA:QQQ) reversed losses to finish at 6,587.25 for a gain of 0.1%.
A measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) edged lower on Tuesday after climbing back to double-digit territory on Monday. The volatility gauge slipped 2.4% to 10.08.
In commodities, oil prices posted their biggest daily gain in two weeks amid signs of a rebalancing market. U.S. West Texas Intermediate (WTI) for November settlement rose $1.25, or 2.5%, to $50.83 a barrel on the New York Mercantile Exchange. Brent crude, the international futures benchmark, rose 68 cents, or 1.2%, to $56.47 a barrel.
There were no major economic data releases scheduled on Tuesday. On Wednesday, the Federal Reserve will release the minutes of last month’s FOMC meeting. Consumer data will also make headlines toward the end of the week.
The Final Word: Stocks are showing few signs of slowing down ahead of earnings season. Corporate earnings are expected to deliver strong results for the third quarter.