US stocks hit record highs, could rise further on momentum

Markets rose on Tuesday.

In the US, the S&P 500, Dow Jones Industrial Average and Nasdaq Composite all rose 0.3 percent to hit record highs.

Elsewhere, the STOXX Europe 600 rose 0.5 percent and the Nikkei 225 jumped 1.2 percent.

Many analysts expect further upside for stocks.

“Buying begets more buying,” said Quincy Krosby, Prudential Financial chief market strategist.

“Unless we get some different headlines, the path of least resistance is higher,” said Scott Redler, partner with T3Live.com.

However, Paul LaRosa, chief market technician at Maxim Group, said: “Unless I see a big improvement in the breadth of the market, I'm not expecting a broad-based rally to develop.”