US stocks close higher for 4th day, S&P 500 sets intraday record high

By MarketsFOXBusiness

Stock market on the verge of breaking the record for longest bull market in history

Money Map Press Investment strategist Keith Fitz-Gerald, Pacer ETFs President Sean O’ Hara and FBN’s Ashley Webster on the strength of the U.S. stock market and whether investors are concerned about President Trump’s proposed tariffs against China.

U.S. stocks on Tuesday closed higher for the fourth consecutive day, and the broad-based S&P 500 index set an intraday record, as well as tying its record for longest bull run.

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The S&P’s fresh record comes after second-quarter earnings season has basically wrapped up, while some easing trade tensions also supported the markets with China and the U.S. meeting to discuss trade after a tit-for-tat tariff exchange.

During the day's trading session, the S&P 500 topped its previous high of 2,872.87, which it reached in January. However, that index slipped back slightly before the markets closed.

Tuesday marked 3,452 days since the index fell to a low of 666 on March 9, 2009 -- widely seen as the low of the financial crisis -- tying its record for longest bull market run.

"Today is one for the record books,” said Chris Larkin, a senior vice president at E*TRADE.

“August is typically a quiet month but looks like not so much for the SPX. After being range-bound for some time, it finally took flight, suggesting traders are shrugging off geopolitical unrest and finally focusing on fundamentals."

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES25883.25+443.86+1.74%
SP500S&P 5002775.6+29.87+1.09%
I:COMPNASDAQ COMPOSITE INDEX7472.4101+45.46+0.61%

Tesla shares powered higher on reports that another Wall Street bank may participate in taking the electric car company private. Shares rose 4.36 percent to $321.90.

The Dow Jones Industrial Average closed up 63 to 25,822.29, the S&P 500 ended 5.91 higher to 2,862.96 and the tech-heavy Nasdaq Composite added 38.17 to finish at 7,859.17.

On Monday stocks closed higher as merger and acquisition activity plus hope for a resolution to U.S.-China trade tensions buoyed investor sentiment.

Commodities were mostly higher Tuesday.

FOX Business' Leia Klingel contributed to this article.