Stocks snapped back into a rally mode Tuesday, booking solid gains and new highs after Monday's one-day pause.
The Nasdaq tacked on a 1.1% win, enough to move to a fresh high. The S&P 500 also plowed out new highs with a 0.7% advance. The Dow ended the day up 0.6%, in new high territory and not quite 0.4% below the 20,000 mark.
Apple (AAPL) rose 1.7% and Intel (INTC) jumped 2.3% to lead the Dow.
Boeing (BA) reversed off early highs and slipped 0.3%, despite announcing a 30% dividend hike and a $14 billion share buyback program after Monday's close.
Oil trimmed early gains, ending up a fraction, with West Texas Intermediate below $53 a barrel and Brent crude below $55. Gains faded despite strong economic data out of China and the naming of Exxon-Mobil (XOM) CEO Rex Tillerson as nominee for U.S. Secretary of State, both positives for oil prices. But a report from the International Energy Agency said markets would need time to assess how the production agreement proctored by the Organization of the Petroleum Exporting Countries plays out in terms of actual oil supply reductions.
Domestic oil producer Noble Energy (NBL) popped almost 5%, jumping to a 17-month high. Moody's lifted its outlook on the company's $6.2 billion in debt to stable, from negative, citing the company's cash flow, liquidity and ability to reduce debt.
Land rig drilling leader Patterson-UTI Energy (PTEN) dived 7% after announcing it would acquire Seventy Seven Energy, expanding its pressure pumping fleet. The companies valued the deal at just over $2 billion, including Seventy-Seven's debt.
Disk drive maker Seagate Technology (STX) spun up a 4% gain, retaking a 39.43 buy point in a six-week cup base. The stock ended still in buy range.
Aircraft components maker Heico (HEI) is scheduled to report after Tuesday's close.
Investors receive a brisk ration of early economic data Wednesday, including November retail sales and producer price data, ahead of the Federal Open Market Committee's policy announcement at 2 p.m., which is followed by a press conference.
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