Stocks closed higher on Monday, as Wall Street kicked off the third quarter with triple-digit gains in the Dow amid falling interest rates.
"There's still a lot of money floating around the marketplace that's looking for a home," said Martin Weiss, president of Weiss Research Group. "It's driven by liquidity and not necessarily fundamental strength in the U.S. economy."
Research In Motion shares continued to soar, having announced stronger-than-expected earnings last week and a 3-for-1 stock split.
Apple reportedly sold about 525,000 iPhones in the first weekend since its launch, selling out of the device in half of the Apple stores on the U.S. West Coast, but received complaints from some customers who couldn't activate the phone.
Stocks closed a holiday-shortened session Tuesday with modest gains, following mixed economic data and crude oil prices that stretched above $71 a barrel. The major markets closed early ahead of the July 4 holiday.
Caterpillar , the biggest gainer in the Dow on Monday, was the biggest percentage loser on Tuesday after being downgraded by a UBS analyst.
Markets were closed on Wednesday in observance of the Independence Day holiday.