Dow Hits Second Record in a Row | Wall Street Today

The Dow Jones Industrial Average and the S&P 500 closed at record highs Tuesday. Both indexes also hit all-time intraday highs just before 3 pm EST.

This week will be a light one for macroeconomic news, with many Federal Reserve speakers and Initial Jobless claims on Thursday.

Federal Reserve Governor Adriana D. Kugler said Tuesday she anticipates "it will be appropriate to begin easing monetary policy later this year" if economic conditions continue to evolve in a favorable manner with more rapid disinflation and employment softens while remaining resilient. She addressed the National Association for Business Economics Foundation in Washington.

"If the labor market cools too much and unemployment continues to increase and is driven by layoffs, I would see it as appropriate to cut rates sooner rather than later," Kugler said. "Alternatively, if incoming data do not provide confidence that inflation is moving sustainably toward 2 percent, it may be appropriate to hold rates steady for a little longer."

Federal Reserve President Jerome Powell spoke Monday, saying the Fed would likely lower rates before inflation to 2%.

Gold prices hit all-time highs Tuesday on continued hopes that the Federal Reserve is on the cusp of lowering interest rates this year.

On Tuesday, oil futures fell for a third session, to below $80 for the first time since June.

West Texas Intermediate for August delivery fell $1.21, or 1.5%, to $80.70 a barrel on the New York Mercantile Exchange. It touched a low of $80.22, the lowest intraday level since June 26, FactSet data show.