NEW YORK (CNNMoney)
Stocks raced to fresh record highs at Tuesday's opening bell, powered by solid U.S. economic indicators and positive momentum following elections in Europe.
The Dow Jones industrial average, S&P 500 and Nasdaq all posted steady gains in early trading. U.S. stocks were closed on Monday in observance of Memorial Day.
Here are four things you need to know today:
1. Another day, another record: The early buying carried the S&P 500 into record territory and above the psychologically-important 1,900 level. The broad average closed at an all-time high of 1,900.5 on Friday.
The Dow is within striking distance of its record closing high of 16,715.4 that was set earlier this month.
This week should feature a lot of "catch up" as traders return from the long weekend and realize "they need to hop on or underneath the train before it leaves the station," Michael Block, chief strategist at Rhino Trading Partners, said in a note.
2. Movers & shakers -- Hillshire Brands, InterContinental Hotels, AstraZeneca, Bank of America: It's quite the meat market this morning. Shares of Hillshire Brands (HSH, Fortune 500) popped 21% in early trading after Pilgrim's Pride (PPC) offered to acquire the food maker for about $6.4 billion. That offer complicates Hillshire's $4.3 billion proposed buyout of Pinnacle Foods (PF).
Related: Hillshire shares surge after Pilgrim's takeover bid
Bank of America (BAC, Fortune 500) bounced 3% higher after saying it resubmitted a capital plan to the Federal Reserve after a calculation mistake scuttled the prior one. BofA said the new request is smaller than the previous one.
Shares of InterContinental Hotels (IHG) rose 4% after Sky News reported the hotel chain rejected a secret £6 billion ($10 billion) bid by a U.S. suitor. The company declined to comment on the report.
AstraZeneca (AZN) retreated 2% as investors reacted to Pfizer's (PFE, Fortune 500) confirmation that it would no longer pursue a mega-takeover of the British drugmaker.
Related: Fear & Greed Index sinks into extreme fear
3. Economic indicators positive: The government said U.S. orders for big ticket items like appliances grew 0.8% in April, slowing down from March's healthy pace but beating expectations for a narrow decline in durable goods orders.
U.S. home prices in 20 cities rose 0.9% in March from February, according to S&P/Case Shiller. That trumped forecasts for a more modest increase.
The Conference Board is scheduled to release its latest consumer confidence index at 10 a.m.
Related: Tech stocks are back
4. International movement: European markets had an eventful session Monday -- with some key markets up by over 1% -- but they were less enthusiastic Tuesday.
Investors brushed off European Union election results that showed far-right and far-left parties had gained additional traction. A majority of voters still supported traditional parties in the European Parliament.
Investors were also pleased that Ukrainian elections were completed without too many complications.
European markets have also been boosted by dovish hints emerging from the European Central Bank, which may be poised to inject new stimulus measures when it meets next month.
Asian markets were mixed Tuesday.
First Published: May 27, 2014: 9:52 AM ET
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