Dow Closes at Record High
S&P 500, Nasdaq also close higher
By Newser Editors and Wire Services
Posted Jul 12, 2016 3:13 PM CDT
Trader Ronald Franco, left, works on the floor of the New York Stock Exchange, Tuesday, July 5, 2016.   (AP Photo/Richard Drew)

(Newser) – 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 AP reports. 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% after reporting results that beat analysts' forecasts. The Dow gained 120 points, or 0.7%, to 18,347. The S&P 500 climbed 14 points, or 0.7%, to 2,152. The Nasdaq composite rose 34 points, or 0.7%, to 5,022. The Nasdaq erased its losses for the year.