The S&P 500 had done the same a day earlier
FILE - In this Friday, Nov. 13, 2015, file photo, the American flag flies above the Wall Street entrance to the New York Stock Exchange. Stocks are opening solidly higher on Wall Street, Tuesday, July 12, 2016, putting the market on track for another milestone. The Dow Jones industrial average was trading above its previous record high close in early trading. That came a day after the Standard & Poor's 500 index closed at its own record high. (AP Photo/Richard Drew, File), photo: AP/Richard Drew
12 of July 2016 15:19:16
NEW YORK — The stock market reached another milestone Tuesday as the Dow Jones industrial average closed at a record high.
I wish we can be celebrating, but it's a little disconcerting. You've got government bonds at historical lows and equity markets at historical highs. That's not something you see at the same time. ... I feel underinvested, but I'm not willing to chase stocks."-Rob Bartenstein, CEO of Kestra Private Wealth ServicesSectors that investors tend to favor when they're nervous, including utilities, phone companies and makers of consumer staples, all fell as investors moved money out of lower-risk assets. Bond prices also fell sharply, sending yields higher.Aluminum maker Alcoa kicked off the second quarter earnings season on a positive note by reporting revenue and profit that beat Wall Street expectations. The stock jumped 55 cents, or 5.4 percent, to $10.69. Earnings for companies in the S&P 500 are expected to fall compared to the year ago period, but then rise in the next quarter.Seagate Technology surged $5.26, or 21.8 percent, to $29.35 after forecasting strong sales. It also announced it will cut 6,500 jobs, about 14 percent of its total.Benchmark U.S. crude added $2.04 to close at $46.80 a barrel in New York. Brent crude, a standard for international oil prices, rose $2.22 to $48.47 a barrel in London. In other energy trading in New York, wholesale gasoline rose 5 cents to $1.43 a gallon, heating oil rose 5 cents to $1.46 a gallon and natural gas rose 3 cents to $2.73 per 1,000 cubic feet.In Japan, the Nikkei 225 index jumped 2.5 percent, a day after soaring 4 percent. Prime Minister Shinzo Abe has promised new government spending to help jolt Asia's second-biggest economy back to life now that his Liberal Democratic Party has won in parliamentary elections. Investors are betting he'll keep flooding the market with money by expanding bond purchases.Elsewhere in Asia, Korea's Kospi edged up 0.1 percent and Hong Kong's Hang Seng added 1.7 percent. In Europe, France's CAC 40 rose 1.6 percent and Germany's DAX added 1.3 percent. Britain's FTSE 100 was flat.Shares of Nintendo jumped 12.7 percent in Tokyo, fueled by the craze for "Pokemon Go," a smartphone game that's become the top grossing app in the iPhone store less than a week after its release in the U.S., Australia and New Zealand.U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 1.50 percent from 1.43 percent. The yield plunged last week as low as 1.32 percent, an all-time low, according to Tradeweb.The dollar rose to 104.79 yen from 102.77 yen. The euro rose to $1.1067 from $1.1058.The price of gold fell $21.30 to $1,335.30, silver fell 13 cents to $20.17 an ounce and copper rose 7 cents to $2.21 a pound.