Stocks have moved notably higher over the course of the trading day on Tuesday, extending the upward trend seen over the past few weeks. With the gains on the day, the Dow and the S&P 500 have reached new record intraday highs.
The major averages are currently posting strong gains, near their highs for the session. The Dow is up 78.91 points or 0.5 percent at 15,170.59, the Nasdaq is up 27.37 points or 0.8 percent at 3,466.16 and the S&P 500 is up 14.01 points or 0.9 percent at 1,647.78.
The strength that has emerged on Wall Street is partly due to a positive reaction to comments from widely followed hedge fund manager David Tepper.
Tepper, the head of Appaloosa Management, told CNBC he is "definitely bullish" on stocks and said "the economy is getting better."
"What's going to make you bearish?" Tepper said in an interview on CNBC's Squawk Box. "I think every place is the place to be in the stock markets of the world."
The comments from Tepper helped to offset negative sentiment generated by news that JP Morgan (JPM) lowered its growth outlook for the Chinese economy.
Citing weak domestic demand, JP Morgan lowered its forecast for full-year Chinese economic growth to 7.6 percent from 7.8 percent. The firm also lowered its outlook for growth in the second quarter.
On the U.S. economic front, the Labor Department released a report showing a moderate drop in import prices, although the data did not attract much attention ahead of the release of a slew of more closely watched reports later in the week.
Among individual stocks, shares of Take-Two Interactive (TTWO) have moved notably higher after the video game maker reported a better than expected first quarter profit compared to a year-ago loss. The company also forecast full-year results in line with estimates.
Consumer products giant Clorox (CLX) is also moving to the upside after raising the quarterly cash dividend on the company's common stock by nearly 11 percent to $0.71 per share.
Meanwhile, shares of SolarCity (SCTY) have come under pressure after the solar energy company reported a wider than expected first quarter loss.
Sector News
Brokerage stocks have shown a strong move to the upside over the course of the trading day, resulting in a 1.8 percent gain by the NYSE Arca Broker/Dealer Index. The gain extends a recent upward move by the index, which has risen to a two-year intraday high.
Goldman Sachs (GS) and Raymond James (RJF) are turning in two of the brokerage sector's best performances, advancing by 3.2 percent and 3.7 percent, respectively.
Significant strength has also emerged among biotechnology stocks, as reflected by the 1.6 percent gain being posted by the NYSE Arca Biotechnology Index. With the gain, the index has reached a new record intraday high.
Banking stocks are also seeing considerable strength in mid-day trading, with the KBW Bank Index up by 1.4 percent. Housing, transportation, and chemical stocks are also posting strong gains.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Tuesday. While Japan's Nikkei 225 Index edged down by 0.2 percent, South Korea's Kospi Index advanced by 1 percent.
Meanwhile, the major European markets all moved to the upside on the day. The French CAC 40 Index rose by 0.5 percent, while the German DAX Index and the U.K.'s FTSE 100 Index ended the day up by 0.7 percent and 0.8 percent, respectively.
In the bond market, treasuries have given back ground after moving modestly higher earlier in the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 1.919 after hitting a low of 1.895 percent.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.