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Stocks - S&P Rises Towards Record High After Opening Bell

Wall Street was higher on Tuesday.
Wall Street was higher on Tuesday.

Investing.com - Wall Street was higher on Tuesday, as the S&P 500 edged closer to the all-time high it reached in January.

The S&P 500 rose 8 points, or 0.29%, to 2,858.70 as of 9:35 AM ET (13:35 GMT). The all time high is 2,872.87.

The Dow increased 103 points, or 0.41%, to 25,605.58 and the tech-heavy Nasdaq Composite gained 34 points, or 0.44%, to 7,894.08.

Stock prices were driven higher by a better-than-expected earnings season, with almost 80% of the S&P 500 since Monday posting profits to the upside, according to FactSet. Meanwhile, the CBOE Volatility Index (VIX), or Wall Street’s fear gauge, fell to its lowest level since early February.

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Earnings season continues, with the biggest focus on Walt Disney (NYSE:DIS) and Snap (NYSE:SNAP), which both report after the close. Disney was up 0.78%, while Snap slumped 1.69%.

Chinese e-commerce giant Alibaba (NYSE:BABA) surged 1.29% after news that it plans to merge its food delivery units and raise funds, while Facebook (NASDAQ:FB) gained 0.36% and Netflix (NASDAQ:NFLX) rose 1.16%.

Elsewhere, Marriott International (NASDAQ:MAR) fell 2.48% after the hotel chain reported weakness in revenue per available room, while Tesla (NASDAQ:TSLA) dipped 0.35% and Weight Watchers (NYSE:WTW) was down 5.39%.

In Europe, stocks were up. Germany’s DAX rose 104 points, or 0.83%, while in France the CAC 40 increased 42 points, or 0.78%, and in London, the FTSE 100 was up 79 points, or 1.03%. Meanwhile, the pan-European Euro Stoxx 50 gained 28 points, or 0.83%, while Spain’s IBEX 35 inched up 59 points, or 0.61%.

In commodities, gold futures rose 0.21% to $1,220.30 a troy ounce, while crude oil futures increased 0.38% to $69.27 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.26% to 94.94.

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