Dow Jones industrial average closes at a record high

The daily gain was modest, with major indices rising by less than 1 percent, but the move was enough to push the markets above their previous records.

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Back at the end of April, the S&P 500 set a milestone by going 2,607 calendar days without a 20% pullback, better known as a bear market.

The Dow Jones industrial average rose 121 points, or 0.7 percent, to close at 18347 - an all-time high.

S&P 500 e-minis were up 1.25 points, or 0.06 percent, with 151,288 contracts traded. The Nasdaq rose 29 points, or 0.6 percent, to 5,018. The index, which is heavily weighted with technology and biotech stocks, erased its losses for the year on Tuesday.

Many cautioned that investors should back away from risk exposure this year, considering how long this economic recovery has extended and how poorly stocks performed at the start of 2016. Energy companies are falling sharply along with the price of oil. Higher rates mean banks can make more money from lending. Citigroup gained 93 cents, or 2.7 percent, to $43.44.

Though treasury yields are hovering at record lows, making equities more attractive, they stand to gain as central banks globally, led by Japan and Britain, chart out new stimulus measures. With Treasury yields low, investors don't need a lot of encouragement to buy shares. Bond yields tend to fall when demand for bonds rises, which can indicate that investors are seeking safety.

"I think people are getting more comfortable within the growth area of the market", said Robert Pavlik, chief market strategist at Boston Private Wealth. Cote notes that If in fact earnings are down as expected, it would be the first time since 2009 we have seen five consecutive quarters of year-over-year earnings declines.

Aluminium maker Alcoa kicked off the second quarter earnings season on a positive note by reporting revenue and profit that beat Wall Street expectations. The stock jumped 55 cents, or 5.4 percent, to close Tuesday at $10.69. West Texas Intermediate crude - generally considered to be a benchmark for US oil prices - was up more than 4.5 percent in midday trading Tuesday for one of its strongest showings in months. Hess slumped $2.11, or 3.5 percent, to $58.02 and Devon Energy lost $1.01, or 2.5 percent, to $39.

Stocks advanced broadly. Financial stocks, which were pummeled in the wake of Britain's vote to leave the European Union, rebounded by 1.2 percent. While he has released few details, investors are betting he'll keep flooding the markets with money by expanding bond purchases using newly printed money in a program known as quantitative easing.

Elsewhere in Asia, Korea's Kospi edged up 0.1 percent and Hong Kong's Hang Seng added 1.7 percent.

The Nasdaq is down 66.06 points, or 1.3 percent. France's CAC 50 rose 0.1 percent.

Output in the Organization of the Petroleum Exporting Countries (OPEC) - a 13-member cartel made up of mainly Middle Eastern producers - is near all-time highs, according to latest data compiled for June. The yen last traded at 104.67 yen to the dollar. The euro rose to $1.1066 from $1.1058.

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