04:49 PM EST, 11/26/2024 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 closed at all-time highs Tuesday as traders analyzed President-elect Donald Trump's latest comments on tariffs and minutes from the Federal Reserve's November policy meeting.

The S&P 500 rose 0.6% to 6,021.6, while the Dow advanced 0.3% to 44,860.3. The Nasdaq Composite added 0.6% to 19,174.3. Utilities led the gainers among sectors, while materials and energy closed lower.

Trump late Monday vowed to impose a 25% tariff on products imported from Mexico and Canada, as well as an additional 10% levy on Chinese goods, according to media reports.

"It's a threat, but not a certainty, and it may be temporary if executed," Scotiabank said in a Tuesday note to clients. "This may be why the reaction across financial markets is not bigger."

The US 10-year yield rose 3.3 basis points to 4.3% Tuesday, while the two-year rate was little changed at 4.25%.

Policymakers indicated earlier this month that it would be appropriate to lower interest rates "gradually" if inflation continues to cool and the labor market remains strong, minutes from the central bank's Nov. 6-7 meeting showed Tuesday.

At the meeting, the Federal Open Market Committee reduced its benchmark lending rate by 25 basis points, following a 50-basis-point cut in September.

In economic news, US consumer confidence increased for the second month in a row in November, while the annual inflation outlook fell to its lowest level in more than 4.5 years, the Conference Board reported.

New-home sales in the US declined more than expected in October, while median prices at the national level picked up both sequentially and annually, government data showed.

US home prices increased to a new record in September, though price growth "stalled" in the third quarter, S&P Global ( SPGI ) division S&P Dow Jones Indices said.

Separately, the Federal Housing Finance Agency said home prices grew 0.7% on a seasonally adjusted basis in September, compared with a Bloomberg-compiled consensus for a 0.3% rise.

West Texas Intermediate crude oil fell 0.4% to $68.70 a barrel Tuesday.

In company news, NRG Energy ( NRG ) shares jumped 10%, the best performer on the S&P 500, as Jefferies upgraded the stock to buy from hold and raised its price target to $113 from $93.

J.M. Smucker (SJM) logged stronger-than-expected fiscal second-quarter results and raised its full-year earnings outlook. The consumer packaged goods company's shares increased 5.7%, among the top gainers on the S&P 500.

Amgen ( AMGN ) shares dropped 4.8%, the steepest decline on the Dow and among the worst on the Nasdaq. The biotech company reported results for a phase 2 study of its obesity injection that Mizuho Securities said fell short of efficacy expectations.

Qualcomm's ( QCOM ) takeover interest in rival chipmaker Intel ( INTC ) is cooling down amid complexities related to a potential transaction, Bloomberg News reported Monday, citing unnamed sources. Intel ( INTC ) shares fell 3.3% Tuesday, among the worst Nasdaq performers, while Qualcomm ( QCOM ) slid 1.2%.

Separately, Intel ( INTC ) and the US Department of Commerce said Tuesday they have reached an agreement to award the semiconductor producer up to $7.86 billion in direct funding under the US CHIPS and Science Act.

Gold rose 0.6% to $2,633.70 per troy ounce, while silver gained 1% to $30.54 per ounce.