Stocks higher as investors digest latest economic data

By MarketsFOXBusiness

What’s the catalyst behind the market rally?

Kathryn Rooney Vera, head of research at Bulltick Capital, and Money Map Press chief strategist Keith Fitz-Gerald discuss how the stock market reached record highs and whether the market will continue to rally.

U.S. stocks were slightly higher Tuesday, taking a breather following Monday's rally which followed a preliminary trade deal between Mexico and the U.S.

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The S&P 500 and Nasdaq Composite edged higher to new record highs, with the tech-heavy Nasdaq posting a new all-time closing high for the third straight session. The S&P also briefly hit 2,900 for the first time in history during intraday trading.

The Dow Jones Industrial Average rose 14.38 points, or 0.06 percent, to 26,064.02. The S&P ticked 0.79 points higher, closing at 2,897.53. The Nasdaq gained 12.14 points, or 0.15 percent, to 8,030.04.

While Mexico and the U.S. came to a preliminary deal, Canada remains absent. U.S. Commerce Secretary Wilbur Ross told FOX Business’ Dagen McDowell during "Mornings with Maria" that this "deal is pretty well put together with Mexico... So the president, as he’s indicated, is fully prepared to go ahead with or without Canada.”

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES27298.72+75.75+0.28%
SP500S&P 5002997.16+2.05+0.07%
I:COMPNASDAQ COMPOSITE INDEX8217.631795+10.39+0.13%

In company news, shares of Tiffany gained after the company released its latest quarterly results, while Sears shares climbed after the company expanded its “tire-store” partnership with Amazon.

TickerSecurityLastChange%Chg
SHLDn.a.n.a.n.a.n.a.
TIFTIFFANY & CO93.86+0.70+0.75%

Economic data released Tuesday included the latest Case-Shiller home prices, which showed home price growth slowed further in July. Consumers were much more confident in August than expected, with the Conference Board's consumer confidence index coming in at 133.4 versus consensus expectations for 126.7.

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Tuesday’s gains follow a strong Monday for the markets, with the Dow Jones Industrial Average jumping by triple digits, rising 259.29 points, or 1.01 percent, to 26,049.64. The broader S&P 500 and tech-heavy Nasdaq Composite set fresh record highs. The S&P gained 22.05 points, closing at 2,896.74. The Nasdaq was up 71.92 points, or 0.91 percent, at 8,017.90.

FOX Business' Ken Martin contributed to this article.