Stocks are hitting new highs of the year

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The S&P 500 rose above 2,100 for the first time this year in early trading on Tuesday.

Near 10:11 a.m. ET, the Dow was up 88 points, the S&P 500 was up 8 points, and the Nasdaq was down 5.

The materials and energy sectors led early gains.

West Texas Intermediate crude futures in New York rose 2.5% to as high as $42.28. A strike by oil workers in Kuwait cut its output by nearly half, according to Reuters.

On Monday, the Dow crossed the 18,000 mark for the first time this year. And so, even with round-figure bias aside, it’s shaping up to be a strong week for stocks.

IBM was the biggest loser on the Dow in early trading, down 4% after the company beat on earnings but reported a 16th straight quarterly drop in revenues.

On the Nasdaq, Netflix shares fell 10% after the company’s earnings results on Monday showed a weaker-than-expected forecast for second-quarter subscriber growth.

Illumina shares were down 22%, the most on the index, after weak earnings.

In economic data, housing starts and building permits both fell more than expected in March.

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