Stocks ended higher Tuesday as energy stocks jumped on a sharp rise in oil prices and as big technology stocks, which have been mostly left out of a post-election rally, turned sharply higher.
The Dow set another closing high, building on its record close of Monday, notching seven straight days of gains.
The big gainer was the Nasdaq composite, up 1.1%, while the S&P 500 climbed 0.8% and the Dow Jones industrial average finished 0.3% higher.
Benchmark U.S. crude gained $1.95, or 4.5%, to $45.27 a barrel in electronic trading on the New York Mercantile Exchange.
Bond yields pulled back slightly after a week of sharp increases. The yield on the 10-year Treasury note fell to 2.23% from 2.26% Monday.
The focus in markets in the past few sessions has been on the upcoming Donald Trump presidency, which will begin on Jan. 20. Analysts say his promises of tax cuts and higher infrastructure spending could boost economic growth but also spur inflation. That’s seen a rally in stocks, a sell-off of U.S. bond yields and a concurrent rise in the dollar.
But investors are slowly turning their focus away from what President-elect Donald Trump will do in office to more fundamental drivers, such as the economy, interest rates and the Federal Reserve.
Encouraging economic news helped boost sentiment as retail sales jumped a better-than-expected 0.8% in October, as consumers spent more money on cars and home and garden supplies, among other types of products.
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