NEW YORK (TheStreet) -- U.S. stocks were flip-flopping between slight gains and losses on Tuesday, but if the Dow Jones Industrial Average and S&P 500 can deliver a gain for the day, no matter how small, they would cinch another record-breaking close.
Watch the video below for a closer look at how U.S. markets started the trading day Tuesday:
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The Dow and S&P 500 on Monday clocked another day of record closing highs, the latest win in a three-week rally, despite a quiet day for Wall Street. This marked the fourth consecutive trading session of record highs for the Dow, while the Nasdaq hit its highest level since March 2000.
Markets have been drifting higher, and smashing records, over the last few weeks on the back of mostly positive earnings, better-than-expected U.S. jobs data, mid-term elections and signs the country would be resilient in the face of a global slowdown.
Past stock market performance following mid-term elections could portend indices climbing even higher, said Gary Thayer, Wells Fargo's chief macro strategist.
"History suggests that investor optimism is likely to improve after the election," Thayer wrote in a report Tuesday. "The U.S. stock market tends to bottom in late September and early October in mid-term election years and tends to rally into the end of the year after the election."
Wells Fargo predicted some near-term minor retracement for stocks, with a positive trend during the "seasonally stronger period" from October through April.