The stock market rose again on Tuesday in a broad move that pushed the Nasdaq Composite and the S&P 500 to a record close.
Small caps joined the rally, with the Russell 2000 rising roughly 1%.
The gains were not limited to the equity market, as the price of oil rose for the second straight day. Energy prices had slipped in recent weeks as the spread of the delta variant began to slow the global economic recovery. However, investors and traders appear to be growing more confident that this won't be a long-term problem.
"The oil price snapback will only continue if the headlines … support the narrative that several countries are starting to have a much better handle with the delta variant. The oil market is still very tight and with Chinese demand picking up, crude prices only have one way to go after an overdone sell-off," Edward Moya, senior market analyst at Oanda, said in a note.
