FOX Business: Capitalism Lives Here
The Dow and S&P continued their climb to new heights on Tuesday on the back of a rally in a key European market.
As of 12:30 p.m. ET, the Dow Jones Industrial Average climbed 54 points, or 0.4%, to 15023, the S&P 500 gained 5 points, or 0.4%, to 1623 and the Nasdaq Composite added a point 3393.
The S&P 500 kicked off the week by edging into record territory; if it closes out the day in the green, it will be the tenth record close of the year for the broad-market index. Meanwhile, the Dow logged fresh intraday highs above 15000.
With little in the way of economic data released on the day, events in Europe were driving trading.
The German DAX, which is the country's benchmark index, rallied 0.87% to an all-time high on the day. A report showed German industrial orders climbing 2.2% in March, much better than expectations of a 0.5% dip. The data came as good new from Europe's largest economy that has been struggling against headwinds from the continent's debt crisis.
The Federal Reserve said consumer credit rose by $7.97 billion in March, the gain since July, and much less than the $16 billion economists expected. Revolving credit, like credit cards, $1.71 billion for the month, while none-revolving credit climbed $9.68 billion.
Energy futures were mildly lower. The benchmark U.S. crude oil contract dipped 44 cents, or 0.45%, to $95.73 a barrel. Wholesale New York Harbor gasoline fell 0.42% to $2.854 a gallon. In metals, gold slumped $6.40, or 0.44%, to $1,462 a troy ounce.
The Euro Stoxx 50 jumped 0.75% to 2771, the English FTSE climbed 0.4% to 6548 and the German DAX rallied 0.92% to 8187.
In Asia, the Japanese Nikkei 225 surged 3.6% to 14180 and the Chinese Hang Seng advanced 0.58% to 23047.