Tech stocks lifted the major indexes to record highs Tuesday. As Fred Katayama reports, the S&P 500 bolted past the 2600 mark intraday but closed just below it.
Tech stocks rallied for the second straight day, lifting the major indexes to record highs Tuesday. Medtronic helped lead a broad rally to lift the S&P 500 past the 2600 mark intraday. OppenheimerFunds equity strategist Talley Leger: SOUNDBITE; TALLEY LEGER, EQUITY STRATEGIST, OPPENHEIMERFUNDS, (ENGLISH) SAYING: "Investors are realizing that with or without potential tax cuts, this market can move higher on pre-existing conditions of strong, now synchronous global growth, historically low inflation, and pretty clear monetary policy outlook as well as a solid earnings season." Medtronic shares shot higher. The medical device maker's quarterly profit and revenue fell but handily beat estimates. Lowe's profit more than doubled, and comparable store sales rose 5.7 percent. But those sales fell shy of arch rival Home Depot's results, and shares dipped. Hormel Foods rose. The food maker is merging its grocery products and specialty foods segment. Oil prices rallied on expectations that OPEC will extend its output cuts next week. In Europe, tech and consumer stocks drove the markets higher. Volkswagen was among Germany's top gainers.