The Dow also entered the session about 43 points shy of 23,000. The index first closed above 22,000 on Aug. 2.

“Those big, round numbers are getting easier to reach on the Dow on a percentage basis,” said Art Hogan, chief market strategist at Wunderlich Securities. “That’s great because every time we get a milestone like that, it seems like Mainstream America pays more attention to financial markets.”

The S&P 500 traded flat at the open after Morgan Stanley and Harley-Davidson reported their quarterly results.

Shares of Morgan Stanley rose 2.6 percent as the company’s wealth management business posted strong quarterly results. Harley-Davidson shares, meanwhile, gained 1.4 percent in choppy trade. Harley’s stock traded lower earlier as its U.S. motorcycle sales fell 8.1 percent during the third quarter.

The Nasdaq composite traded along the flatline after shares of streaming giant Netflix pulled back 1.3 percent. Netflix posted better-than-expected earnings and revenue, boosted by stronger-than-expected subscriber growth.

Equities reached record highs on Monday as the three major indexes continue their steady grind higher.

“The market has done a lot already,” said Crit Thomas, global market strategist at Touchstone Investments. “I feel the market is responding to the GOP’s acceptance of deficit-widening in order to get their tax cuts.”

Hopes of U.S. tax reform have received a boost lately after the House passed a $4.1 trillion budget. The Senate is expected to vote on a budget bill later this week.

—Reuters contributed to this report.

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