Nasdaq hits record high, other indexes hover near highs

The Nasdaq composite rose to a record high close on Tuesday while other major indexes hovered near their own recent all-time highs in a session with thin trading volume. A rally since late June has left the S&P 500 up nearly 7 percent in 2016, with many investors weighing stretched valuations against expectations for continued low interest rates. "We're probably going to consolidate and then head higher," said John Canally, chief economic strategist for LPL Financial.