The S&P 500 and Nasdaq rose to new record closing heights on Tuesday, with mega-cap tech shares pushing the broader market out of the coronavirus pandemic-induced bear market. The S&P 500's rise out of its slump was by far the shortest bear market ever, lasting just over 30 days; bear markets last a median of 300 days according to data from Yardeni Research. Recently, cyclical stocks have been on the rise after months of tech and "stay-at-home" outperformance in response to the economic uncertainty.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +0.23% or +7.78 points to 3,389.77

Dow Jones Industrial Average (DIA  ): -0.24% or -67.19 points to 27,777.72

Nasdaq Composite Index (QQQ  ): +0.73% or +81.12 points to 11,210.84

For Major Stock News, e-commerce giant Amazon (AMZN  ) led the rest of the ongoing mega-cap tech rally on Tuesday: Apple (AAPL  ), Facebook (FB  ), Google (GOOGL  ), Netflix (NFLX  ), and Microsoft (MSFT  ). Oracle (ORCL  ) shares rose on news that the company has entered discussions to purchase the social media platform TikTok's U.S., Canada, Australia, and New Zealand operations. Walmart (WMT  ) and Home Depot (HD  ) both reported better-than-expected quarterly earnings on Tuesday, but their shares declined after the companies noted that sales were slowing in the current quarter. Consumer retail chain Kohl's (KSS  ) fell after the company reported a grim outlook for the coming holiday season.

For Sector Performance, most industries traded lower on Tuesday despite broader market outperformance. The few sectors that posted positive performance gains were Consumer Discretionary +1.46%, Communication Services +1.10%, Information Technology +0.39%, and Consumer Staples +0.36%. The rest that lagged behind were as follows: Energy -1.71%, Financials -0.67%, Industrials -0.54%, Utilities -0.49%, Materials -0.36%, Real Estate -0.15%, and Health Care -0.03%.

For Commodities and Currency, the U.S. Dollar (UUP  ) fell even lower on Tuesday as the Federal Reserve's economic stimulus programs are expected to weaken the currency. The dollar declined 0.55% against other global currencies. Alongside the falling dollar, gold (GLD  ) gained back over the $2,000 mark, with spot gold rising 0.9% to $2,004.21 per ounce and futures increasing 0.7% to $2,013.10 per ounce. Crude oil prices left Tuesday's session mostly unchanged as future demand seems to be uncertain. International benchmark Brent Crude (BNO  ) inched higher to $45.41 per barrel, while West Texas Intermediate (USO  ) remained unchanged at $42.89 per barrel.

For the mid-week, market participants will focus on the release of the minutes from the Federal Reserve's July monetary policy meeting, as well as fresh quarterly earnings from retail giants like Lowe's (LOW  ) and Target (TGT  ).