Tech gains drive Wall Street to reach more records

Broad gains led by technology stocks pushed Wall Street to more records on Tuesday.

- BY DAMIAN J. TROISE

The gains mirror much of the action from the previous year, when big technology stocks often drove the market to a series of records.

Technology stocks led the gains, but several other sectors assisted in the broader market's advance. Health care companies, retailers and industrial firms broadly gained ground. Roughly three out of every four stocks in the benchmark Standard & Poor's 500 index rose.

The S&P 500 rose 42.77 points, or 0.6%, to 6,944.82, setting a record on just the third trading day of the year. The Dow Jones industrial average rose 484.90 points, or 1%, to 49,462.08, hitting a record for a second straight day. The Nasdaq composite rose 151.35 points, or 0.6%, to 23,547.17.

Small company stocks outpaced their larger counterparts. The Russell 2000 jumped 1.4% and is now just below its record set in December.

The most notable action remained in the tech sector. Amazon, which has reach into both retail and technology, surged 3.4%. It is one of the most valuable companies in the world and its outsized stock valuation helped counter losses elsewhere in the market, including a 1.8% loss from Apple.