Stock market today: Stocks tick higher as S&P 500 eyes fresh record

US stocks were mixed on Tuesday as investors digested China's launch of aggressive stimulus that lifted market spirits and a weaker-than-expected reading on consumer confidence. The tech-heavy Nasdaq Composite rose about 0.5%, while the S&P 500 up about 0.2%, building on its latest record close. Meanwhile, the Dow Jones Industrial Average slid just below the flat line. Stocks declined around 10 a.m. ET before recovering losses following the latest consumer confidence index reading.

Some on Wall Street now forecast the S&P 500 will hit 6,000 this year — a big milestone less than 5% away. The Fed's jumbo rate cut last week kicked off the rally, and on Monday, several policymakers hinted the door is open for more big moves. On Tuesday, Fed governor Michelle Bowman explained she dissented to last week's half percentage point interest rate cut because "upside risks to inflation remain prominent.

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