Don't blink -- or you might miss another record.
Wall Street barreled toward its third consecutive record session on Tuesday, highlighted by the S&P 500 climbing above the 1,900 level for the first time ever.
The Dow Jones industrial average and the S&P 500both hit new records this morning, although they have since retreated from their earlier peaks. The Nasdaq is bouncing between small gains and losses.
The S&P 500 has achieved recent milestones at a very fast pace.
After first crossing over the 1,500 line in March 2000, it took the S&P 500 13 years to eclipse the 1,600 mark, according to S&P Dow Jones Indices. But the broad index then logged the next four round number milestones all in the past year.
The Dow and S&P are still up for the day, although early enthusiasm in the market was muted a bit by an economic report that showed consumer spending slowed in April. Despite warmer weather in the spring, consumers didn't open up their wallets as much as Wall Street hoped. U.S. retail sales inched up just 0.1% last month, trailing forecasts for a 0.4% rise.
In response to the disappointing data, consumer discretionary stocks were among the weakest performers on Tuesday.
Investors shed exposure to a number of retail stocks, including Dollar Tree (DLTR,Fortune 500), Target (TGT, Fortune 500) and Kohl's (KSS, Fortune 500). Earnings reports from J.C. Penney (JCP, Fortune 500) and Nordstrom (JWN, Fortune 500)are due out later this week.
The government also said electronics and appliance store sales slid 2.3% last month, driving shares of Whirlpool (WHR, Fortune 500) almost 3% into the red.
Investors continue to see many power plays at the stock level. They guzzled down shares of Keurig Green Mountain (GMCR), which soared 10% after Coca-Cola (KO,Fortune 500) announced plans to boost its stake in the company to 16%. The move represents a vote of confidence from the world's largest beverage maker and follows an initial 10% stake acquired in February.
StockTwits user KidDynamiteBlog said: "if $KO wanted to buy $GMCR couldn't they have done it cheaper by bidding all at once? ie - they're running up their own eventual cost?"
Elizabeth Arden (RDEN) plummeted 16% after disclosing a 20% sales tumble and a surprise loss amid weak store traffic. The cosmetics company also tapped Goldman Sachs to explore a possible sale or other options.
Shares of DirecTV (DTV, Fortune 500)ticked higher on reports that AT&T (T,Fortune 500) could quickly clinch a $50 billion bid to buy the satellite TV company. Rival Dish Network (DISH, Fortune 500) was among the worst performers in the Nasdaq 100, losing about 1%.
Mergers and acquisitions continue to drive a lot of the upbeat mood on Wall Street.Valeant Pharmaceuticals (VRX) signaled plans to raise its $46 billion offer to acquireAllergan (AGN, Fortune 500), which the Botox maker formally rejected on Monday.
Investors will also be focusing on developments in the pharmaceutical industry. The American drug maker Pfizer (PFE, Fortune 500) wants to buy Britain's AstraZeneca(AZN) and both CEOs will appear before a U.K. parliamentary committee to answer questions about the potential takeover.
Otherwise, the earnings front was largely quiet, but Fossil (FOSL) and Take-Two Interactive (TTWO) are on tap to report results after the closing bell.
European markets ended mostly higher after reports that Germany's central bank supports additional stimulus measures from the European Central Bank. Germany's Daxindex advanced 0.5%.
In Asia, India's benchmark Mumbai Sensex index surged to a record high Tuesday after election exit polls indicated that voters will deliver a mandate to Narendra Modi and the pro-business Bharatiya Janata Party.
Most other regional markets ended with gains. The Nikkei in Japan jumped by 2%. 
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