Dow Soars to All-Time High

The Dow rose 56.99, or 0.49 percent, to close Tuesday at 11,727.34. The Dow had briefly surpassed its closing high on Thursday and Monday before retreating.

The broader stock indicators also closed higher. The S&P 500 index was up 2.79, or 0.21 percent, at 1,334.11, and the Nasdaq rose 6.05, or 0.27 percent, to 2,243.65.

Advancing issues led decliners by more than 8 to 7 on the New York Stock Exchange, where consolidated volume came to 2.68 billion shares, compared with 2.15 billion Monday.

The decline in oil prices was the catalyst of the day. A barrel of light crude settled at $58.68, down $2.35, on the New York Mercantile Exchange.

Oil prices have had a stunning fall from their intraday high for the year of $78.40 a barrel, reached in July. Other commodity prices have dropped as well, with gold descending from prices earlier this year that it hadn't seen for three decades.

"When oil and gold start to back off, that's a sign that the economy is slowing and inflation is not a fear," said Joseph Sunderman, vice president of research and development, Schaeffer's Investment Research in Cincinnati.

The entire energy sector was lower, with Exxon Mobil Corp. down $1.59 at $65.41 and Chevron Corp. down $1.57 at $62.94.

Bonds fell, with the yield on the benchmark 10-year Treasury note rising to 4.62 percent from 4.61 percent late Monday. The dollar was mixed against other major currencies, while gold prices fell.

Marvell Technology Group Ltd. fell $2.29, or 12 percent, to $16.80 after it said its third-quarter revenue would drop 10 percent from its second-quarter revenue. Separately, the company also said it plans to restate past financial results after a probe into its historical stock option practices turned up discrepancies.

Quest Diagnostics Inc., which provides diagnostic testing services, dropped $10.90, or 17.90 percent, to $50 after losing a nationwide contract with health insurer UnitedHealthcare Inc. The existing agreement expires at the end of the year.