S&P, Nasdaq hit record highs as volatility drops (ENDP)


Stocks moved higher on Tuesday, pushing both the S&P 500 and Nasdaq to notch new intraday records at market open. Eastern time. If it remains up for the day, it would mark the third straight session where it's set an all-time high. Stocks have been stuck in a largely listless trading pattern in recent weeks, as investors see few reasons to make big moves.

The 10-year US Treasury note's yield, which moves inversely to price, hit its highest point in almost six weeks, adding 0.5 basis points at 2.392 per cent, while the price of gold, another so-called safe-haven asset, dropped 0.5 per cent to an eight-week low at 1,220.29.

Meanwhile, the closely-watched Dow Jones Industrial Average fell 0.2% to close at 20,975.78.

The S&P 500 index showed 38 52-week highs and two lows, while the Nasdaq recorded 85 highs and 29 lows. The Russell 2000 index of smaller stocks ticked up 0.22 points, or less than 0.1%, to 1,391.86.

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Volatility in the markets has fallen considerably after the French election's results, with the S&P 500 VIX Index, a measure of volatility in the S&P 500 Index, falling 2.4% to 10.30, its lowest level in 12 months.

Seven of the 11 major S&P sectors were higher, with consumer discretionary rising the most by 0.24 percent. In Germany, the DAX slipped 0.2 percent. Utilities lost 0.6 percent and real-estate stocks lost 1.1 0.5 percent.

The S&P 500 is up 158.09 points, or 7.1 percent.

OFF THE LOT: Hertz Global Holdings sank $1.77, or 11.9 percent, to $13.14 after reporting a larger loss for the last quarter than analysts expected.

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Kate Spade surged $1.41, or 8.3 percent, to $18.38 after agreeing to a $2.4 billion buyout by Coach, its rival in the luxury goods market. Sinclair fell 83 cents, or 2.2 percent, to $36.13.

Hong Kong's Hang Seng Index traded higher by 0.3%. Coach shares rose 4.8 percent. South Korean markets were closed as votes headed to the polls to vote for president.

In the commodities market, benchmark US crude rose 21 cents to settle at $46.43 per barrel.

U.S. Treasury prices settled slightly lower across the board, with the benchmark 10-year yield adding 2 bps at 2.41%. Cisco Systems ( CSCO ) shed 1.1% after receiving an investment-rating downgrade late Monday to market perform from outperform from BMO Capital Markets. The dollar rose to 114.28 yen from 113.07 yen, and the British pound slipped to $1.2927 from $1.2943. Brent crude, the worldwide standard, fell 61 cents to $48.73 per barrel. On the Nasdaq, 1,439 issues rose and 1,214 fell.

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