(CNBC) -- U.S. stocks moved higher on Tuesday and the S&P 500 set a new record high as broad market strength outweighed the travel names held back by Covid fears.
The Dow Jones Industrial Average jumped about 279 points, or 0.8%, after briefly falling more than 100 points earlier in the session. The S&P 500 gained 0.8% to notch a new all-time high, while the Nasdaq Composite added 0.4%. The Dow is within 0.5% of a record.
The 10-year Treasury yield stabilized on Tuesday after falling back to near five-month lows on Monday. As yields rebounded from their decline midday back to the unchanged mark, stocks rose.
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