Wall Street paused near four-year highs on Tuesday, while a number of large-cap stocks hit new highs as portfolio managers grabbed top performers as the end of the quarter approached. With the quarter ending Friday, portfolio managers adjusted holdings by buying some of the best performers to dress up their portfolio. About 80 percent of stocks across all sectors of the S&P 500, especially high-end retailers and technology, are above their six-month moving average.
Apple Inc hit another all-time best of $614.91, boosting its market capitalisation to $572 billion. There have been only a handful of instances where a US company sported a higher market cap than Apple. Also hitting 52-week highs, Walt Disney Co climbed to $44.50 and Home Depot Inc reached $50.34. Disney later eased, down 0.4 percent at $44.22 at midday, while Home Depot shares were up 0.3 percent at $50.30.
Pfizer Inc was up 2.2 percent at $22.64 after rising ato a 52-week high of $22.80 earlier in the session. The Dow Jones industrial average was up 3.71 points, or 0.03 percent, at 13,245.34. The Standard & Poor's 500 Index was up 0.76 points, or 0.05 percent, at 1,417.27. The Nasdaq Composite Index was up 7.21 points, or 0.23 percent, at 3,129.78.