S&P 500 touches record high, equals longest-ever bull run

Traders work on the floor of the NYSE in New York

"Longest bull run in the history of the stock market, congratulations America!" Cramer said bull markets tend to die when investors are too euphoric over stocks.

The S&P consumer discretionary index.SPLRCD climbed 0.9 percent as shares of off-price retailer TJX Companies Inc (TJX.N) rose on strong results and Toll Brothers Inc's (TOL.N) encouraging quarterly report boosted shares of homebuilders.

To be sure that the S&P 500 is still in a bull market, it would have to close above its record high set on Jan 26, which it failed to do on Tuesday.

In small-caps, the Russell 2000 Index closed at 1,722.54 for a gain of 4.50 points or 0.26%.

While the Dow Jones Industrial Average rose by 0.25%, the Nasdaq Composite managed a 0.49% surge. The Dow Jones Industrial Average has appreciated about 300 percent. S&P 500 e-minis were up 5 points, or 0.17 percent and Nasdaq 100 e-minis were up 18.5 points, or 0.25 percent.

TRADE TENSIONS: Stocks have been buffeted by concerns about mounting trade tensions in recent months between the US and China, set off by President Donald Trump's tariff policies. Stephen Massoca, senior vice-president at Wedbush Securities in San Francisco, says, "The stock market loves the Trump agenda". In the wake of the Great Recession, a period during the late 2000s, the S&P 500 hit 676 points when the current bull market began.

CENTRAL BANKS: Aside from that milestone, investors will have a heap of information from central banks, staring Wednesday with the release of the minutes to the U.S. Federal Reserve's last rate-setting meeting.

Williams-Sonoma jumped 10.5 percent after reporting results that beat estimates. Shares of its industry peers PulteGroup (PHM.N), Lennar (LEN.N) and D.R. Horton (DHI.N) also rose between 3.8 percent and 5.5 percent.

Hartford Financial Services fell 4.2 percent after announcing an acquisition. Australia's S&P/ASX 200 lost 0.3 percent to 6,266.00.

Apple rose 0.1 percent to 215.60 after BofA Merrill Lynch raised its price objective on the iPhone maker to $250.

Concern over an economic slowdown in China was the driving force behind the steep S&P 500 sell-off in 2015. The Nasdaq composite rose 30 points, or 0.4 percent, to 7,889.

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