U.S. stocks moved broadly higher on a holiday-shortened day as investors put the market on track for its third straight record high close of the week.
The rally follows a slight easing of trade tensions between the U.S. and China. Both nations have agreed to refrain from new tariffs while they open a new round of negotiations. The development relieved some pressure on the market, though the trade war still looms over global economic growth.
Health care and technology stocks were the key sectors pushing the market higher.
Cybersecurity software company Symantec surged 14%. It was doing much of the heavy lifting the technology sector on reports that it is considering a sale to chipmaker Broadcom. Microsoft and Apple were also making gains.
A broad mix of health care companies lifted that sector. Johnson & Johnson and Merck rose 1%. Cigna rose 2%.
Communications and internet companies were also among the biggest gainers, with strong pushes from Google’s parent company Alphabet and Netflix.
Energy stocks lagged the market, weighed down by Chevron and Schlumberger.
The market will close early Wednesday and remain closed Thursday, making for a short week. Investors will be on the lookout for the government’s closely watched monthly jobs report scheduled for Friday.
KEEPING SCORE: The S&P 500 index rose 0.5% as of 11:05 a.m. Eastern time. The Dow Jones Industrial Average rose 99 points, or 0.4% to 26,885. The Nasdaq composite rose 0.6%.
EARLY FIREWORKS: The S&P 500 is on an early rally in July, setting a record closing high each day so far. The index is also approaching the 3,000 mark. Meanwhile, the Dow Jones Industrial Average is also on pace to set a record high close before investors take a day off.
The new records are adding to a year-long rally. The S&P 500 is up more than 19% so far, while the Dow is up 15%. The technology-heavy Nasdaq is now up 22% for the year.
FULL CHARGE: Tesla jumped 6% after telling investors that it delivered more electric cars in the second quarter than any three-month period in its history.
The electric car maker has been struggling to meet production promises and to consistently make money. The company delivered 95,200 vehicles during the most recent quarter. It is aiming to deliver 360,000 to 400,000 vehicles for the full year. Just to hit the low end of that target, it will have to deliver more than 200,000 cars in the final half of the year.
STIMULATING CHOICE: Christine Lagarde, a proponent of economic stimulus, is taking the helm at the European Central Bank. She is currently the head of the International Monetary Fund and will be replacing Mario Draghi.
The central bank has been trying to mitigate a slowdown in economic growth with economic stimulus measures. Lagarde is expected to maintain that position as trade disputes continue to threaten global economies.