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Stocks reached new highs on modest gains Tuesday amid light trading and a series of good earnings reports and in the absence of key economic data.
The Dow Jones Industrial Average rose more than 60 points after closing slightly lower in the previous session.
JPMorgan , Bank of America , and American Expressled the blue-chip index higher, while 3M and Merck slipped.
The S&P 500 broke through resistance levels to trade above 1,250. The Nasdaq also gained. The CBOE Volatility Index, widely considered the best gauge of fear in the market, fell below 17.
Most key S&P 500 sectors gained, led by financials, materials and energy. Consumer staples and healthcare fell.
The market is heading into end of the year on a strong note. The Dow is up about 4.3 percent for December and 10.1 percent for the year-to-date. For the month, the S&P 500 rose 5.6 percent, while it was up 11.8 percent for the year-to-date. The Nasdaq was up 6.1 percent for December, and 16.8 percent for the year-to-date.
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