Miniscule new highs for Dow, S&P 500
Stocks barely rose Tuesday, but it was enough to push the Dow and S&P 500 to another record close.
The Dow Jones industrial average rose 1.16 points, or less than 0.1%, to 17,614.90 and set a new intraday record of 17,638.21. The blue-chip index extended its winning streak to six straight sessions.
The Standard & Poor's 500 index gained 1.42, or 0.1%, to 2039.68 and hit intraday all-time high of 2041.28. The S&P has posted gains for five consecutive days.
The Nasdaq composite index added 8.94 points, or 0.2%, to to a new bull market high of 4660.56.
;Bond trading was closed for Veterans Day.
It was the S&P's 40th record close of the year and the 24th for the Dow.
Stocks will likely move "sideways to up" for the remainder of the year, said James Liu, Global Market Strategist at J.P. Morgan Funds. Earnings "continue to look good."
And even a sideways performance through the end of 2014 would be good, considering the S&P is up 10.4% for the year and the Dow is up 6.3%.
While earnings remain strong, the market could face volatility as investors fret about the potential timing of the Federal Reserve's first increase in interest rates since 2006. "That's my largest area of concern," Liu said.
Global stocks were mostly higher with Tokyo closing at a seven-year as Japan's Nikkei 225 rose 2.1% to 17,124.11. The index closed above 17,000 for the first time since October 2007.
Helping the mood on Tuesday was news that the U.S. and China have reached an agreement to drop tariffs on a range of technology products including medical devices, global positioning systems, and video game consoles. President Obama made the announcement during a meeting with leaders attending an Asia-Pacific economic summit in Beijing.
Hong Kong's Hang Seng index rose 0.3% to 23,808.28 while the Shanghai composite fell 0.2% to 2,469.67.
European markets posted gains as Britain's FTSE gained 0.2% to 6627.40, Germany's DAX rose 0.2% to 9369.03 and France's CAC 40 jumped 0.5% to 4244.10.
Major indexes closed at record highs Monday. "Investors reflected on sound corporate earnings and an encouraging macro environment," said Will Leys, sales trader at CMC Markets in Sydney. "The likelihood of low rates for the near term, combined with improving sentiment and low commodity prices, is currently offsetting concerns over the global growth outlook. "
Contributing: The Associated Press