The S&P 500 Index has rallied about 70 percent in the last 12 months. It experienced a correction that started late January, set off by Greece woes and Chinese monetary tightening.
The index has rallied since then and Tuesday's close takes it 10 points below the 2010 high made on January 15.
The S&P 500 closed up 1.94 points, or 0.36 percent, at 1,140.44. The Dow Jones Industrial Average closed up 11.86 points, or 0.11 percent, at 10,564.38.
Transportation stocks were among the best performers as Dow Jones Transportation Average closed up 1.31 percent. The Dow Jones U.S. Telecommunications Index also closed up 1.20 percent, with Sprint Nextel (NYSE:S) closing up 6.47 percent.
Basic materials struggled as the Dow Jones U.S. Basic Materials Index closed down 0.44 percent.
On January 15, the market snapped its 2010 rally even though JPMorgan (NYSE:JPM) reported better than expected earnings. The S&P 500 traded as high as 1150.45 before closing at 1136.03.
The market correction eventually took the index to an intraday low of 1,044.5 February 5. As Tuesday's close inched the index closer towards the 2010 high, market participants will eye the remainder of this week to see if this index can break above 1150.
Exactly one year ago, the stock market bottomed for 2009, with the S&P 500 closing at 676.53. The index has rallied about 70 percent since then.
According to USA Today, bull markets usually last longer than one year, giving market participants hope that the market will make highs in 2010. The last time a bull market ended before 2 years was in 1947 and the last time it ended before 1 year was during the Great Depression.