The stock market settled into a groove in early afternoon trading after the S&P 500 and Nasdaq Composite hit their highest levels on record.
The S&P 500 was up 0.6% and hit a high of 6336.08. The Nasdaq Composite, up 0.7%, pulled back slightly after posting a record of its own at 21,077.37. Both indexes were on track to mark record closes. For the Nasdaq, it would be the tech-heavy index’s sixth closing high in as many trading days.
The Dow was keeping up this afternoon with a gain of 235 points, or 0.5%, but the index is still 1% off its Dec. 4 closing high of 45,014.04.
Wall Street is betting big on earnings season. Alphabet was up 2.3% ahead of the firm’s quarterly report on Wednesday. With the market setting fresh highs on a daily basis, earnings reports from such tech titans may need to be blowouts to push stocks even higher.
Stocks were rallying alongside bonds, with the 10-year Treasury yield pulling back to 4.36%. The bond market is hoping the Trump administration won’t try to fire Federal Reserve Chair Jerome Powell.
