The S&P 500 index hit a new 2010 intraday high at the open on Tuesday as investors bet that a deal to extend tax breaks will prompt increased spending and buoy the economy.

The Dow Jones industrial average <.DJI> was up 86.09 points, or 0.76 percent, at 11,448.28. The Standard & Poor's 500 Index <.SPX> was up 11.71 points, or 0.96 percent, at 1,234.83. The Nasdaq Composite Index <.IXIC> was up 25.63 points, or 0.99 percent, at 2,620.55.

(Reporting by Angela Moon; editing by Jeffrey Benkoe)