Stocks held slightly higher on Tuesday morning as the low-volatility trading environment remained stable on Wall Street. 

The S&P 500 was up 0.17%, while the Nasdaq gained 0.48%. The Dow Jones Industrial Average added 0.11%.

The S&P 500 and Nasdaq narrowly secured new record closes a day earlier in lethargic trading. The S&P 500 rose by less than a point to a new record of 2,399.38, while the Nasdaq finished 0.03% higher to a record close of 6,102. 

Jim Cramer laid out the powerful themes driving this bull market over on our premium site Real Money. Get his insights with a free trial subscription to Real Money.

Volatility held at its lowest level in more than two decades on Tuesday. The Volatility Index, often referred to as the fear index, was trading at 9.93, its lowest since early 1994. The S&P 500 has fallen or risen by 1% or more only three times since the beginning of the year. The benchmark index has averaged 4.25 days of swings of more than 1% every month since 1950, according to CFRA.

Over at Real Money, our premium site for investors, Helene Meisler said to pay no mind to this environment of low volatility. High volatility is the better indicator of a buying opportunity. Get her analysis with a free trial subscription to Real Money

The labor market remained in good health in March, according to the Job Openings and Labor Turnover Survey. The number of job openings came in at 5.743 million in March, higher than an expected 5.725 million. 

Wholesale inventories showed an unexpected increase in March. The Commerce Department reported a 0.2% increase in inventories in March, far better than an expected decrease of 0.1%. Wholesale inventories increased 0.4% in February. 

Focus returned to earnings on Tuesday. Valeant Pharmaceuticals (VRX) rocketed 19% higher after topping first-quarter earnings expectations. The drugmaker swung to a profit of $1.79 a share following a loss of $1.08 a share in the year-ago quarter. Consensus was for profit of 87 cents a share. The company also increased its guidance for full-year adjusted Ebitda to at least $3.6 billion, up from a previous low-end of $3.55 billion. 

SeaWorld (SEAS - Get Report) narrowed its quarterly loss even as revenue and attendance fell by double-digits. The waterpark operator reported a loss of 72 cents a share, narrower than a year-earlier loss of $1 a share, though missing estimates of a loss of 55 cents. Revenue and attendance fell 15%. SeaWorld said attendance was "largely impacted" by a later Easter that pushed the holiday into the second quarter this year. 

Home goods and decor company Wayfair (W - Get Report) surged 23% after a narrower loss and higher sales than expected over its first quarter. Adjusted losses of 48 cents a share were narrower than a target of 56 cents a share. Wayfair also increased its market share in North America and Europe, though average order sizes dropped. 

Discovery Communications (DISCA - Get Report) fell short of earnings estimates as a decline in subscribers offset gains in distribution and advertising revenue. The cable network operator earned an adjusted 41 cents a share, down a nickel from a year earlier and 4 cents below expectations. Quarterly revenue increased 3%, but fell below estimates. U.S. advertising revenue increased 1%, while distribution revenue rose 5%. 

Pandora Media (P)  fell 8% after confirming that it was considering its options, including a possible sale. Separately, the music-streaming service reported a wider first-quarter loss than a year earlier. An adjusted loss of 24 cents a share came in narrower than an anticipated loss of 33 cents. Total subscribers increased to 4.7 million from 3.9 million a year earlier. 

Allergan (AGN - Get Report)  slipped slightly as sales of Botox helped push earnings and sales above Wall Street estimates. Adjusted profit of $3.35 a share came in 4 cents above estimates, while revenue of $3.57 billion exceeded consensus of $3.53 billion. The drugmaker anticipates full-year adjusted earnings between $15.85 and $16.35 a share, meeting analysts' target of $16.03.  

Allergan is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AGN? Learn more now.

Dean Foods (DF - Get Report) swung to a loss in its first quarter, while adjusted earnings missed estimates. The dairy producer reported a loss of 11 cents a share compared to profit of 43 cents in the year-ago quarter. Adjusted earnings of 13 cents a share missed estimates by 4 cents. Sales of $1.99 billion came in $20 million above estimates. 

Hertz (HTZ - Get Report) tumbled more than 12% after the car rental firm posted a first-quarter loss much wider than Wall Street forecasts. The company reported a net loss of $2.69 a share compared to a loss of 61 cents a share a year earlier. An adjusted net loss of $1.61 a share was far wider than analysts' target of a loss of 90 cents a share. 

Other earnings of note include AMC Entertainment (AMC - Get Report) , CST Brands (CST) , US Foods (USFD - Get Report) , Plug Power (PLUG - Get Report) , Office Depot (ODP - Get Report)  and Duke Energy (DUK - Get Report) .

Apple (AAPL - Get Report) traded in record territory on Tuesday a day after reaching a market cap of above $800 billion for the first time ever. The world's largest company reached as high as $801.37 billion in intraday trading on Monday. The stock rose 1% to above $154.50.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

Cocktails & Cramer

Join Jim Cramer on May 23 for an exclusive party at Bar San Miguel, his Brooklyn tavern. You'll get to watch a screening of Mad Money, after which Jim will arrive fresh off of the CNBC set to mingle, pose for photos and answer your investing questions. Participants will enjoy dinner, drinks, an autographed copy of Jim's book Get Rich Carefully and a one-year membership to Action Alerts PLUS, Jim's club for investors. (Current AAP members will receive one extra year of membership for free.)
When: Tuesday, May 23, 6 p.m.-9 p.m. EDT
Where: Bar San Miguel, 307 Smith St., Brooklyn, N.Y.
Cost: $375 per person
Space is very limited, so click here to reserve your ticket to this exclusive event today.