(CNBC) — Stocks rose on Tuesday, the first trading day of 2017, but closed off their session highs as oil prices gave back initial gains.
“When oil started to slip and the dollar peaked, that’s when you saw stocks fall off a bit,” said Robert Pavlik, chief market strategist at Boston Private Wealth. “I think, near term, people are expecting the market to give something back.” “The fact remains that the market is not cheap. We’re at really high valuations.”
The S&P 500 traded about 0.5 percent higher, with telecommunications and health care leading advancers. The Nasdaq composite advanced around 0.5 percent. The Dow Jones industrial average gained about 60 points, with Walt Disney and Visa contributing the most gains.
