NEW YORK (AP) — The latest on developments in global financial markets (all times local):

4:00 p.m.

The stock market hit another milestone as the Dow Jones industrial average closed at a record high, a day after the Standard & Poor's 500 index did.

Both indexes beat marks they set in May 2015. The gains Tuesday were led by energy companies, materials companies and banks.

Bond prices fell as investors moved money out of lower-risk investments. Safe-haven stocks like utilities and phone companies also fell.

Company earnings reports got off to a good start. Aluminum maker Alcoa jumped 5 percent after reporting results that beat analysts' forecasts.

The Dow gained 120 points, or 0.7 percent, to 18,347.

The S&P 500 climbed 14 points, or 0.7 percent, to 2,152. The Nasdaq composite rose 34 points, or 0.7 percent, to 5,022.

The Nasdaq erased its losses for the year.

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11:45 a.m.

Stocks are moving solidly higher on Wall Street, putting the market on track for another milestone.

The Dow Jones industrial average was trading above its previous record high close in midday trading Tuesday. That came a day after the Standard & Poor's 500 index closed at its own record high.

The Nasdaq composite index, which has lagged the other two main U.S. market barometers, turned slightly positive for the year.

Company earnings reports got off to a good start. Aluminum maker Alcoa jumped 5 percent after reporting results that easily beat analysts' forecasts.

The Dow was up 119 points, or 0.7 percent, to 18,346.

The S&P 500 gained 15 points, or 0.7 percent, to 2,152. The Nasdaq composite rose 38 points, or 0.8 percent, to 5,027.

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9:35 a.m.

Stocks are opening solidly higher on Wall Street, putting the market on track for another milestone.

The Dow Jones industrial average was trading above its previous record high close in early trading Tuesday. That came a day after the Standard & Poor's 500 index closed at its own record high.

The Nasdaq composite index, which has lagged the other two main U.S. market barometers, turned slightly positive for the year.

Company earnings reports got off to a good start. Aluminum maker Alcoa jumped 6 percent after reporting results that easily beat analysts' forecasts.

The Dow was up 106 points, or 0.6 percent, to 18,333.

The S&P 500 gained 13 points, or 0.6 percent, to 2,150. The Nasdaq composite rose 36 points, or 0.7 percent, to 5,025.