Dow Flirts With History

Updated from 4:14 p.m. EDT

The Dow Jones Industrial Average made another push toward a new high Tuesday after a positive reading on consumer confidence outweighed a series of profit warnings from corporate America.

By the close of trading, the Dow had added 93.58 points, or 0.81%, to 11,669.39, its second-highest close ever and putting it within about 54 points of its January 2000 record. The S&P 500 was higher by 9.97 points, or 0.75%, at 1336.34, a fresh five-and-a-half-year best, and the Nasdaq Composite was up by 12.27 points, or 0.55%, at 2261.34.

"Today's action shows a painting of the tape for quarter-end," said Jay Suskind, head of institutional equity trading with Ryan Beck. "We're betting on oil prices being the offset to the slowdown in housing. There are more economic numbers due this week that can show some moderation and push us up. However, next week will be an entirely different story."

Though September is historically a weak month for the major indices, the Dow is higher by 288 points, or 2.5%, with only three sessions left before the end of the month. The S&P 500 has gained 33 points, or 2.5%, and the Nasdaq has tacked on 77 points, or 3.5%.

"We're approaching the end of the quarter, so we may continue to see window-dressing," said Peter Cardillo, chief market analyst with S.W. Bach & Co. "We have falling oil prices and the perception of the economy slowing, and inflation expectations are embedded in the market. Hopefully we'll remain in positive territory."

To view Gregg Greenberg's video take on today's market, click here.