By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica

All of S&P 500's 11 sectors higher on the day but broad averages off intraday bests

U.S. stocks rose on Tuesday, with major indexes adding to their string of records even as concerns remained about the market's valuation.

Wall Street was off its highs of the session as midday hit, but the day's gains were broad, with all 11 of the S&P 500's primary sectors higher on the day. Energy shares were leading gainers. And the Dow got a particular boost from Home Depot Inc. and Wal-Mart Stores Inc., which rallied on the back of their quarterly results.

The Dow Jones Industrial Average rose 0.3%, or 71 points, to 20,695. The S&P 500 index rose 0.4% to 2,360, a gain of 9 points. The Nasdaq Composite Index added 15 points, or 0.2%, to 5,859.

All three hit all-time intraday highs, continuing a recent streak. The Dow is on track for its eighth straight daily advance, while both the S&P and the Nasdaq have gained in nine of the past 10 sessions. However, the S&P did pull back from its early advance, having risen as much as 0.6% earlier in the day.

While every S&P sector was higher, the rally was led by both energy and consumer staples, both of which were 0.7% higher on the day. The energy sector was supported by a 1.8% rise in the price of crude oil.

The market has been in a pronounced uptrend since the election of Donald Trump in November. Investors are hoping that the policies he is expected to pursue, including tax cuts and deregulation, will accelerate economic expansion and lift corporate profits. Trump's recent suggestions that policies would be unveiled soon have spurred recent buying, although few details have been forthcoming.

With valuations stretched by many metrics, some investors are concerned that the market could be vulnerable in the event the policies disappoint in their magnitude or structure.

"The rally is getting long in the tooth, and once the euphoria wears off we will need to know when we'll get policies and how they will impact corporate profits?" said Katrina Lamb, head of investment strategy and research at MV Financial. "If you think there are still double-digit gains left to be had, that seems optimistic. A lot of what we've seen lately seems to be people who didn't buy into the rally at first and are coming in now in something of a 'pain trade.'"

Read:How Trump's stock market ranks in his first 30 days in office (http://www.marketwatch.com/story/how-president-trumps-stock-market-performance-in-his-first-30-days-ranks-2017-02-17)

Economic docket: In the latest economic data, Markit's read on manufacturing fell in February (http://www.marketwatch.com/story/momentum-in-us-manufacturing-services-slows-in-february-markit-2017-02-21), as did the firm's services gauge.

Data preview:'Soft' side of economy soars under Trump. But here's the 'hard' truth (%e2%80%98Soft%e2%80%99%20side%20of%20economy%20soars%20under%20Trump.%20But%20here%e2%80%99s%20the%20%e2%80%98hard%e2%80%99%20truth)

(http://projects.marketwatch.com/2017/trump-today-signup/)

Federal Reserve officials should also draw some attention. Philadelphia Fed President Patrick Harker is scheduled to speak at the Wharton School of the University of Pennsylvania at noon Eastern Time.

In a Friday interview for Market News International, Harker said he "would not take March off the table at this point" for a potential hike in U.S. interest rates. That view sent Treasury yields and the dollar higher in Asian trading Tuesday.

Stocks to watch: Retailers are in the spotlight, with shares of Home Depot Inc. (HD) up 0.7% after the company reported better-than-expected results, upping its dividend and setting a $15 billion buyback.

Wal-Mart Stores Inc.(WMT) was up 3.4% after posting earnings that beat forecasts and guidance that was in line with its forecast. The retailer also raised its dividend 2% to $2.04 (http://www.marketwatch.com/story/wal-mart-raises-dividend-2-to-204-2017-02-21).

Verizon Communications Inc.(VZ) and Yahoo Inc.(YHOO) are expected to cut their merger price by as much as $350 million, The Wall Street Journal reported. Verizon rose 0.5% while Yahoo added 0.2%.

Apple Inc.(AAPL), the largest U.S. company by market cap, rose 0.3% and hit an intraday record after Morgan Stanley raised its price target (http://www.marketwatch.com/story/apples-stock-set-for-record-high-open-after-morgan-stanley-boost-price-target-2017-02-21) on the company, citing optimism over China sales.

U.S.-listed shares of HSBC Holdings PLC(HSBA.LN) fell 5.5%. The Asia-focused bank said its net loss widened to $4.23 billion (http://www.marketwatch.com/story/hsbc-loss-widens-to-423b-plans-further-buyback-2017-02-21) in the fourth quarter from $1.33 billion in the year-ago period.

U.S.-listed shares of Unilever PLC(ULVR.LN) tumbled 8% and Kraft-Heinz Co.(KHC) dropped 4% after Heinz on Sunday dropped its $143 billion offer (http://www.marketwatch.com/story/kraft-heinz-withdraws-bid-for-unilever-2017-02-19) for the food rival just two days after making public a bid to combine the two companies.

Other markets: Asian markets traded mixed (http://www.marketwatch.com/story/china-hong-kong-stocks-get-off-to-fast-start-on-slow-trading-day-2017-02-19), with the Nikkei 225 index closing up 0.7% and the Hong Kong Hang Seng Index dropping 0.8%. European stocks firmed across the board (http://www.marketwatch.com/story/european-stocks-rise-as-manufacturing-activity-perks-up-2017-02-21) after data showed a better-than-expected reading on preliminary manufacturing data.

The ICE Dollar Index (http://www.marketwatch.com/story/dollar-rises-after-fed-comments-euro-weakens-2017-02-2) was higher, with the dollar gaining against both the euro and the British pound . Crude-oil futures (http://www.marketwatch.com/story/oil-prices-rise-as-investors-increase-bullish-bets-on-prices-2017-02-21) rose, while gold prices pulled back.

Read:Why the 'next leg in the oil bull market' is coming soon (http://www.marketwatch.com/story/why-the-next-leg-in-the-oil-bull-market-could-come-soon-2017-02-20)

(END) Dow Jones Newswires

February 21, 2017 11:59 ET (16:59 GMT)