Earnings Ahead, Records in Sight

The stock market seemed dull Tuesday if viewed through the prism of the three major indices. But there was drama on closer inspection, as one of the broadest measures of U.S. stocks made an all-time high.

The NYSE Composite Index closed up 0.4% to a record 9468.70, while the three so-called major indices inched higher. The S&P 500 finished the day up 0.3% to close at 1448.39, knocking at the door of its pre-Feb. 27 level, which would erase the losses stemming from that panic-stricken day. The S&P closed on Feb. 26 at 1449.37. The index is closing in on its high for the year and the high from the most recent rally, which was 1459.68 made on Feb. 20.

The Dow Jones Industrial Average gained 0.04% to close at 12,573.85, and the Nasdaq Composite closed up 0.3% Tuesday to close at 2477.61.

Stocks seemed stuck in a waiting game -- waiting for earnings season, which kicked off with stronger-than-expected results after the close from Alcoa (AA Quote), and waiting for Wednesday's release of the minutes from last month's Federal Open Market Committee meeting. But the march onward and upward continued, and more highs may not be far behind.

"We should expect the S&P 500 to make a new high," says Philip Roth, chief technical analyst at Miller Tabak, who says it is "normal procedure" after a pullback as occurred late February/early March for some indices to make new highs.