Dow Jones industrials close at a record high

The stock market hit another milestone as the Dow Jones industrial average closed at a record high on Tuesday, a day after the Standard & Poor's 500 index hit its own milestone.

Both indexes beat marks they set in May 2015. The gains were led by energy companies, materials companies and banks.

Bond prices fell as investors moved money out of lower-risk investments. Safe-haven stocks like utilities and phone companies also fell.

Company earnings reports got off to a good start. Aluminum maker Alcoa jumped 5 percent after reporting results that beat analysts' forecasts.

The Dow gained 120 points, or 0.7 percent, to 18,347.

The S&P 500 climbed 14 points, or 0.7 percent, to 2,152, building on its former closing high.

The Nasdaq composite rose 34 points, or 0.7 percent, to 5,022, erasing its losses for the year.