U.S. stocks rose on Tuesday, with the Dow industrials again notching record closes, as better-than-expected data bolstered optimism about the economic outlook.
"It has become clearer that 2013 for the U.S. equity markets was all about where can I place my money to make a decent return, and I think a lot of people ended up chasing the market and pushing it higher. It was the least worst house on a bad block," said Robert Pavlik, chief market strategist at Banyan Partners, contrasting the U.S. market to those in Asia, Europe and emerging markets.
"And, when interest rates started to tick up on Treasuries, equities seemed like the only game in town. That and the fact that the Fed continues to print money and provide a low cost of capital environment for corporate America," Pavlik added.
The U.S. stock market closed three hours ahead of usual ahead of Wednesday's Christmas holiday.