Strong retail earnings powered stocks to fresh record highs Tuesday. Fred Katayama reports.
Energy and retail stocks powering the big indexes to record highs Tuesday. Strong results from top retailers, like Home Depot and Macy's, lured investors. The rally sparked by President Donald Trump's vow of tax reforms shows no signs of fading. But Jeff Tomasulo of Vespula Capital worries the market is getting a bit stretched. SOUNDBITE: JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "We call it a momentum market. People want to get in. You can see the money going ,,, in certain days in technology. Other days in financials. Financials over the last 45 days have - you look at some stock slike PNC which is one of my favorites - I think it's had two down moves in 45 days." 14:30:43 Pulling up the Dow: Wal-Mart. More customers visiting its stores boosted the retailer's quarterly sales more than expected. Shares of Beyonce's favorite fried chicken chain, Popeyes Louisiana Kitchen, popped higher. The owner of Burger King and Tim Hortons, Restaurant Brands, is buying Popeyes for $1.8 billion. Kraft Heinz weighing on the S&P 500. Shares fell after the maker of Heinz ketchup and Kraft mayonnaise withdrew its $143 billion bid for Unilever. The Anglo-Dutch company had earlier rejected Kraft's bid. Unilever shares also dropped. In Europe, shares climbed to their highest level in more than 14 months. But a steep drop in HSBC shares pulled the FTSE lower.