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Stock market news today: S&P 500, Dow surge to record highs as blue chip index gains over 700 points

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Nasdaq Composite,Blue-Chip Index,S&P 500

Investors assessed another batch of big bank earnings and looked to fresh retail data amid growing conviction an interest rate cut is near.

The Dow Jones Industrial Average surged more than 700 points on Tuesday to secure another all-time closing high. The benchmark S&P 500 also notched another record amid growing conviction an interest rate cut is near. The blue-chip index rose more than 1.8%, thanks to positive earnings from UnitedHealth , which saw shares rise about 5%. Stocks closed in the green across the board as investors assessed better-than-expected earnings across multiple sectors, along with a retail sales surprise.

More broadly, stocks are holding onto gains after Chair Jerome Powell signaled the Federal Reserve is gearing up to start lowering rates soon, given recent solid inflation prints. Retail sales came in flat but better than expected in June, data out Tuesday showed, adding to the easing in price pressures that have boosted faith in a September cut — a prospect that has already wakened wider bullishness for stocks beyond techs.

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