MARKET SNAPSHOT: S&P, Dow Industrials Touch Record Levels In Stock Run-up

By Ellie Ismailidou and Sara Sjolin, MarketWatch

Oil gains, U.K. political developments boost risk appetite

The S&P 500 and the Dow industrials on Tuesday soared to new heights as stocks got a boost from a rise in oil prices and stronger-than-expected earnings from Alcoa Inc.

Meanwhile, the Nasdaq Composite Index erased all of its losses in 2016 to join the Dow and the S&P 500 in positive territory for 2016, up 0.3%.

The S&P 500 , which closed at a fresh record for the first time in nearly 14 months, extended its rally, rising 12 points, or 0.6%, to 2,149. Energy companies were leading the gains, advancing 1.8%, boosted by a sharp rise in oil prices .

Three of the S&P's 10 sectors were in negative territory--utilities and consumer-staples, off 1.1% and 0.5% respectively. Both sectors traditionally are viewed as safety plays in times of market turmoil.

The Dow Jones Industrial Average added 101 points, or 0.6%, to 18,330, trading above its closing record set in May 2015 and briefly hitting an intraday record of 18,353.76. Goldman Sachs Group Inc.(GS) was adding more than 20 points to the blue-chip gauge, while Coca-Cola Co.(KO) was the worst performer, down 0.7%.

Meanwhile, the Nasdaq advanced 36 points, or 0.7%, and was trading in positive territory, up 0.3%, for the first time in 2016.

A stronger-than-expected second-quarter report from Alcoa Inc. (AA)--viewed as the unofficial kickoff of the earnings season--also engendered optimism on Wall Street, as investors continued to bask in the glow of Friday's solid nonfarm payrolls report.

Markets in the U.S. and Europe on Monday were also encouraged by news that U.K. Home Secretary Theresa May will become the new British prime minister (http://www.marketwatch.com/story/andrea-leadsom-drops-bid-to-become-uks-next-prime-minister-2016-07-11-7103452), avoiding months of uncertainty over who would take over after David Cameron.

(END) Dow Jones Newswires

July 12, 2016 10:04 ET (14:04 GMT)

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