Market Insider

Can bulls push S&P 500 into record territory?

Two big retailers' earnings, home price data and consumer confidence could swing market focus back to the economy Tuesday, as traders watch the S&P 500 to see if it will make another run at its all-time high.

The S&P 500 soared above 1850 Monday in a surprisingly sharp rally that temporarily drove the index to a record intraday high above 1858. However, in the final hour, stocks fell from their highs, and the index finished at 1847, below its record close of 1848 set on January 15.

"The late day sell off is a message," said Paul LaRosa, chief market technician at Maxim Group. "We really need to close over that 1850 [level], and we fell short. It just could mean this near-term rally is extended." He said the Dow, which also closed well off its high, failed to close above a key level. The was up 103 points at 16,207.