U.S. equities closed higher on Tuesday, hitting new all-time highs, as investors digested housing data and kept an eye on President-elect Donald Trump’s policy agenda.
The Dow Jones industrial average rose about 70 points, closing above 19,000 for the first time ever, with Home Depot contributing the most gains.
“What we’re seeing is a shift in the sectors that are participating” in this rally, said Quincy Krosby, market strategist at Prudential Financial. “It hasn’t been parabolic in some sectors.”
The S&P 500 closed over 2,200 for the first time, as telecommunications rose about 2.1 percent to lead advancers. The Nasdaq composite also closed at all-time highs, rising approximately a third of a percent.
“Global equity markets are reacting positively to new all-time highs in the SPX,” said Katie Stockton, chief technical strategist at BTIG, in a note. “Momentum is proving strong enough to overrule overbought conditions, so we think it is appropriate to be buying breakouts.”