A surge in Wal-Mart shares drove the Dow to another record close Tuesday. As Fred Katayama reports, one value investor said stocks are overdue for a pullback.
Blue chip stocks climbed higher to another record close Tuesday as Wal-Mart drove up the Dow and S&P 500. Consumer stocks would've risen higher were it not for P&G. Trip Miller of Gullane Capital Partners: SOUNDBITE: TRIP MILLER, MANAGING PARTNER, GULLANE CAPITAL PARTNERS, (ENGLISH) SAYING: "When markets hit valuation levels like this, and we're almost two years into a period of time where we haven't had a meaningful pullback in the market of over 10 percent, we are overdue. When that will come, I don't know but we're definitely getting up there in valuation, and it's tougher to find great investments to make." Investors went shopping for Wal-Mart stocks after the retailer unveiled a plan to buy back $20 billion worth of shares and issued a bullish online sales outlook. Shares hit a two-year high. Oil prices rose on comments from OPEC that the market is rebalancing. That lifted shares of energy stocks like Exxon Mobil and Chevron. But Procter & Gamble fell after activist investor Nelson Peltz unexpectedly failed to win a board seat. And Honeywell dipped. The industrial conglomerate said it'll spin off its home and transportation systems businesses into two publicly traded companies. Tech and healthcare stocks pulled European markets lower, but London's FTSE staged a broad advance.