U.S. stocks rose Tuesday, putting the S&P 500 on pace for another record close as the approval of Pfizer Inc.’s Covid-19 vaccine continued to lift sentiment.
The S&P 500 ticked 0.2% higher. A day earlier, the broad market index closed at its second-highest level ever. Dow Jones Industrial Average gained 0.2% on Tuesday, while technology-heavy Nasdaq-100 rose 0.4%.
Stocks have been grinding higher as investors weigh strong corporate earnings and the economic rebound against the global surge in Covid-19 cases, which is prompting fresh restrictions in some markets. Money managers are also assessing whether the Federal Reserve may slow down plans to pare back its easy-money policies because of signs that economic growth may be slowing.
“Markets are struggling for direction a little bit after we have had a huge run,” said Mike Stritch, chief investment officer at BMO Wealth Management. “People are asking, what is the next catalyst to propel the market higher, or are the handful of risks that are out there enough to collectively give people a little more pause?” he said.
Palo Alto Networks jumped over 16% after the cybersecurity company reported better-than-expected revenue growth late Monday. CrowdStrike Holdings rose 6% after Nasdaq said it would add the stock to its Nasdaq-100 index on Thursday. Best Buy rose over 6% after saying that sales rose in the second quarter.
Read More News: Stocks Open Higher, With S&P 500 Poised for Record Close