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S&P 500 Hits Record High, Surpasses Pre-Pandemic Level

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The S&P 500 has reached a new high. The index surpassed its February 19 record Tuesday morning, marking a full recovery even amid the coronavirus pandemic. The pandemic had previously sent all major indices tumbling.

The S&P 500 surpassed 3,393.52, the Nasdaq traded 0.6% higher, and the Dow rose 0.1%.

Markets were sent higher Tuesday morning by positive earnings news from Home Depot (HD) - Get Report and Walmart (WMT) - Get Report .

Home Depot posted much stronger-than-expected second quarter earnings as sales far outpaced analysts' forecasts even amid the peak of the pandemic.

Home Depot said earnings for the three months ending on August 2, the group's fiscal second quarter, were pegged at $4.02 per share, up 26.8% from the same period last year and firmly ahead of the Street consensus forecast.

Walmart posted stronger-than-expected second quarter earnings as well, as online sales nearly doubled from last year. Walmart said adjusted earnings for the three months ending in July were pegged at $1.56 per share, up 22.8% from the same period last year and well ahead of the Street consensus forecast of $1.25 per share. 

Nvidia  (NVDA)  is expected to report earnings at the end of the day. 

The Democratic National Convention kicks off its second day Tuesday, beginning at 9 p.m. Eastern.

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