S&P 500, Nasdaq Jump To Intraday Record Levels On Upbeat Earnings

By Mark DeCambre Markets MarketWatch Pulse

U.S. stocks on Tuesday opened at or near record levels as investors appeared heartened by upbeat earnings reports and the easing of some of the market's near-term worries. The Dow Jones Industrial Average traded 22 points, or less than 0.1%, at 21,1033, the S&P 500 index gained about 3 points, or 0.1%, at 2,401, briefly eclipsing its intraday record of 2,401.36 set on Monday, while the Nasdaq Composite Index climbed 7 points, or 0.2%, at 6,116-a new intraday record for the tech-heavy index. A measure of market volatility, the CBOE Volatility Index , fell to a roughly 23-year low on Monday and threatened to hit its lowest level in history, according to FactSet. The VIX has been closely followed because it implies to some market participants that investors may be getting too complacent about the possibility of sharp dives in equities, after a monthslong rise that has taken them to repeated record levels. Meanwhile, the 10-year Treasury note yield [BX: TMUBMUSD10Y], which moves inversely to price, was at 2.40%, around the highest level in weeks for the benchmark bond. Shares of Office Depot Inc. , Valeant Pharmaceuticals International Inc. and Marriott International Inc. were all trading higher after reporting better-than-expected quarterly results. Moves for the markets come after one big geopolitical overhang subsided over the weekend, with the French presidency won by Emmanuel Macron, viewed as a pro-market candidate.

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