Stock Market Today: Markets Hammer Out New Highs, but Some Raise Retracement Speculation

NEW YORK (TheStreet) -- Veterans Day kept volumes light and market chatter quiet as the Dow Jones Industrial Average and S&P 500 climbed an inch to mark a new record high.

Equities 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.

The Dow closed up just 0.01%, enough to cement a new record close at 17,615.57. The S&P 500 added 0.07% for an all-time high of 2,039.69. The Nasdaq added 0.19%, its highest level since the dotcom bubble of March 2000.

Though markets held at record levels in a calm trading session, not everyone is confidence these lofty heights can be sustained.

"Longer term, I think we are in a secular bull market that has years left to run, but near term I remain cautious," Raymond James chief investment strategist Jeffrey D. Saut wrote in a note. "The markets are losing momentum while the S&P 500 is holding near the highs. Typically this doesn't end well."

Past stock market performance following mid-term elections could portend indices climbing even higher though, 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."

However, Wells Fargo also predicted some near-term minor retracement for stocks, with a positive trend during the "seasonally stronger period" from October through April.

Vodafone (VOD) was one of the best performers of the day, gaining 5.5% after raising its full-year core earnings forecast. The European telecom company also announced plans to launch U.K. broadband and TV offerings by spring.

Groupon (GRPN) shares spiked 4.9% after guiding for at least 15% revenue growth over next year. Since beating analysts' third-quarter estimates at the end of October, the stock has surged nearly 35%.

TripAdvisor (TRIP) stumbled more than 4% and was one of the worst performers on stock markets Tuesday, though with no clear reason as to the selloff. Trading volume was nearly double its three-month average.

Halcon Resources (HK) fell 7.1% after third-quarter profits of 3 cents a share came in half of what analysts had expected.

Juniper Networks (JNPR) tumbled 5% after its CEO for less than a year, Shaygan Kerapdir, resigned following a board review.

Zynga (ZNGA) popped more than 10% after analysts at Jefferies upgraded the stock to "buy" from "hold," crediting new mobile games due for release in 2015.

Alibaba (BABA) shares corrected 3.8% after a 4% increase a day earlier. The Chinese e-commerce site had been rallying after it exceeded expectations for sales on Singles Day, China's largest annual online shopping event. Overall, more than $8 billion worth of transactions were processed in the Alibaba ecosystem.

Rackspace  (RAX) spiked 13.1% after third-quarter profit topped estimates and the company announced a $500 million buyback.

U.S. government offices and the bond market were closed for Veterans Day.

Though earnings season is winding down, there are still a few big names left to report, including Macy's  (M) before and J.C. Penney  (JCP) after the bell Wednesday. Of the 450 companies of the S&P 500 that have reported earnings, 74% have beat estimates, according to S&P Capital IQ.

--Written by Keris Alison Lahiff in New York.

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