Dow Jones Closes at Record High as S&P 500 Pushes Higher Into Record Territory

Markets crank higher, led by banks, materials and energy companies.

ByPaul Blake
July 12, 2016, 4:36 PM

— -- The Dow Jones Industrial Average closed on Tuesday at a record high level of 18,347, while the S&P 500 cranked higher to 2,152 -- a day after it broke its previous all-time high.

It's the third day in a row that the two indices pushed higher. The previous records for both were set in May 2015.

Meanwhile, the NASDAQ erased losses it had registered for the year.

The gains were led by banks as well as energy and materials companies, the Associated Press reported.

Investors appeared to be moving out of safer investments, as evidenced by a drop in stock prices of utilities and phone companies -- traditionally safer bets for investors during times of economic uncertainty.

American equities plunged in the wake of Brexit -- the United Kingdom's decision to leave the European Union last month. Those losses have since been completely erased.

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