S&P 500 touches all-time high as earnings drive stock gains

The S&P 500 index briefly traded at an all-time high Tuesday just as the U.S. stock market’s bull run came closer to becoming the longest on record.

The market’s benchmark index eked out a slight gain, closing a little below the high mark it set in January. The rally pushed the Russell 2000 index of smaller-company stocks to a record high.

The current bull market, which began in 2009, is on track to become the longest in history on Wednesday, surpassing the bull run of the 1990s.

Tuesday’s gains were driven by strong earnings by homebuilders, retailers and other companies.

The S&P 500 rose 5.91 points, or 0.2 percent, to 2,862.96. The Dow Jones Industrial Average gained 63.60 points, or 0.2 percent, to 25,822.29. The Nasdaq composite added 38.17 points, or 0.5 percent, to 7,859.17. The Russell 2000 picked up 19.35 points, or 1.1 percent, to 1,718.05. It’s last all-time high was set June 20th.

Shortly before 1 p.m. Eastern Time, the S&P 500 briefly crossed above its latest closing high of 2,872 set on Jan. 26. The market took a steep plunge immediately after that, in early February, and has been mostly clawing higher since then, with some bumps along the way, thanks to a still-recovering economy and a boom in corporate profits.

Stocks have been buffeted by concerns about mounting trade tensions this spring and summer, particularly with China. Signs of potential progress have helped stocks rally in recent weeks. S&P Dow Jones Indices, which compiles the S&P 500, says that on Wednesday, the current bull market become the longest in history.

Investors have had much to cheer about when it comes to company earnings this year, and the second-quarter reporting period has been no exception. Of the 93 percent of the companies in the S&P 500 that have reported quarterly results, 62 percent delivered earnings and revenue that beat analysts’ forecasts, according to S&P Global Market Intelligence.

Traders sent homebuilder shares higher after Toll Brothers reported earnings that came in well ahead of what analysts were expecting. The luxury builder vaulted 13.8 percent to $39.52.

U.S. benchmark crude rose 1.4 percent to settle at $67.35 per barrel in New York. Brent crude, the standard for international oil prices, gained 0.6 percent to close at $72.63 per barrel in London.

Bond prices fell. The yield on the 10-year Treasury rose to 2.84 percent from 2.82 percent late Monday.

The dollar rose to 110.40 yen from 110.23 yen late Monday. The euro strengthened to $1.1574 from $1.1467.

Gold rose 0.5 percent to $1,200 an ounce. Silver added 0.7 percent to $14.77 an ounce. Copper gained 0.9 percent to $2.71 a pound.

In other energy futures trading, heating oil rose 0.5 percent to $2.12 a gallon. Wholesale gasoline gained 0.1 percent to $2.02 a gallon. Natural added 1.3 percent to $2.98 per 1,000 cubic feet.