Stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as Federal Reserve officials’ comments eased some concerns that the central bank could start reducing its stimulus program.
Dow component Home Depot gave the market a lift after the world’s largest home improvement chain raised its profit outlook, driving its stock to a record intraday high.
JPMorgan also bolstered the Dow, rising more than 1 percent to a 52-week high after the bank’s chief executive won a vote of confidence from shareholders.
Stocks extended gains in afternoon trade after New York Fed President William Dudley said he cannot be sure whether policymakers will next reduce or increase the amount of purchases, due to the “uncertain” economic outlook.
Earlier, James Bullard, president of the Federal Reserve Bank of St. Louis, had urged the European Central Bank to consider employing a U.S.-style quantitative easing program to counter slowing inflation and recession in the euro zone.
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