Stocks continue higher as S&P 500 notches new high.
U.S. stocks rose on Tuesday, building off a solid Monday session as investors upped their exposure to risk following Hurricane Irma.
The large-cap S&P 500 Index (NYSEARCA:SPY) advanced 0.3% to 2,496.48, its second consecutive record close. Nine of 11 sectors contributed to the gains, with telecommunications services leading the rally.
The technology-heavy Nasdaq Composite Index (NYSEARCA:QQQ) joined the S&P 500 in record territory on Tuesday. The index rose 0.3% to 6,454.28.
The Dow Jones Industrial Average (NYSEARCA:QQQ) climbed 0.3% to 22,118.86, which was barely enough for a new record.
The Chicago Board Options Exchange (CBOE) Volatility Index (NYSEARCA:VXX) edged slightly lower on Tuesday, and continued to trade at a fraction of its historic norm. The VIX settled down 1.3% at 10.59.
In commodities, oil prices rose on Tuesday, with U.S. crude futures holding steady above $48.00. West Texas Intermediate (WTI) for October delivery gained 19 cents, or 0.4%, to $48.26 a barrel on the New York Mercantile Exchange. ICE Brent futures added 38 cents, or 0.7%, to $54.22 a barrel.
Meanwhile, gold prices recovered from daily lows as the U.S. dollar pared gains. The December futures contract for bullion slipped 0.2% to $1,332.80 a troy ounce.
The Final Word: Stocks have caught a tailwind on post-Irma optimism. The rally suggests the market is in a good position to continue the Trump-inspired rally.