Traders work on the floor of the New York Stock Exchange (NYSE) on March 20, 2024 in New York City. 

Spencer Platt | Getty Images

U.S. stocks rose slightly Tuesday, as investors tried to resume the rally that took equities to record highs after a decline in the previous session.

The S&P 500 gained 0.2%. The Nasdaq Composite advanced 0.4%, and the Dow Jones Industrial Average climbed 52 points, or 0.1%.

The three major averages ended Monday lower. The 30-stock Dow dipped 0.4%, while the S&P 500 and Nasdaq Composite fell around 0.3% each. It was the second straight loss for the Dow and S&P 500.

Still, the major averages are on pace for their fifth straight winning month. The broad market index is up more than 2% in March. The Nasdaq Composite is toting a 1.8% advance for the period, while the Dow is up 0.8%.

Tuesday’s moves higher were led by shares of McCormick, up 9% following a fiscal first-quarter beat. Shares of Seagate Technology also rose 9% following an upgrade to overweight at Morgan Stanley, while Krispy Kreme rallied 18% after the donut retailer announced it would expand its partnership with McDonald’s. Tesla stock was up 6% in an amazing turnaround for the electric vehicle manufacturer that has so far floundered this year.

Despite some concerns that the market rally has crossed into overbought territory, investors still can’t be underweight on equities as of now, according to 3Fourteen Research co-founder Warren Pies.

“There are a lot of people who are underweight or under-exposed to this market, and they’re going to scramble to get exposed,” Pies told CNBC’s “Closing Bell: Overtime” on Monday. “I think the combination of a soft landing, a Fed that has your back and under-invested strategists and institutions means that this rally can keep going.” 

Economic data released Tuesday morning showed that orders for long-lasting goods in the U.S. rose by 1.4% in February, exceeding the 0.8% consensus from economists, according to StreetAccount.


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