NEW YORK — The stock market eked out another all-time high Tuesday, but the gains were slight as investors awaited more news to give them an indication about the strength of the economy.
Home builders got a lift after D.R. Horton reported a surge in net orders for the fourth quarter, the second encouraging report from the sector in as many days after Toll Brother reported strong revenue growth Monday. Juniper Networks slumped after the sudden departure of its CEO.
The stock market’s climb to record levels is being underpinned by record corporate earnings. As the reporting period for the third quarter winds down, companies have again managed to post strong earnings, allaying investors’ concern that slowing growth elsewhere in the world would crimp profits.
“The strengthening economy is definitely there in the earnings,” said Jerry Braakman, chief investment officer of First American Trust.
The Standard & Poor’s 500 index rose 1.42 points, or 0.1 percent, to 2,039.68. The Dow Jones industrial average climbed 1.16 points, or less than 0.1 percent, to 17,614.90. The Nasdaq composite climbed 8.94, or 0.2 percent, to 4,660.56.
Stocks probably will move “sideways to up” for the remainder of the year, said James Liu, Global Market Strategist at J.P. Morgan Funds.
While earnings remain strong, the market could face volatility as investors fret about the potential timing of the Federal Reserve’s first increase in interest rates since 2006. “That’s my largest area of concern,” Liu said.
Fed policy makers have ended their most recent bond-buying stimulus program in October and have said that they will keep interest rates low until they are more certain about the economic recovery.
In energy trading, the price of U.S. oil rose Tuesday on expectations of lower domestic supplies, but global oil fell to a four-year low as Libyan production and exports appear closer to reaching the market.
Benchmark U.S. crude rose 54 cents to close at $77.94 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 67 cents to close at $81.67.
