Stocks end slightly higher as indexes near closing highs

U.S. stocks rose Tuesday, temporarily moving back into record territory as the Nasdaq set a new intraday high.

The rebound comes as quiet summer trading drags on and investors look ahead to a key speech from Federal Reserve chair Janet Yellen on Friday.

The stock market has been relatively calm in recent weeks, with up and down price swings — or volatility — in the past 20 days for the benchmark Standard & Poor's 500 stock index at its lowest level "in several decades," according to Strategas Research Partners.

Finishing up 18 points, or 0.1%, was the Dow Jones industrial average. The S&P 500 gained 0.2%. The Nasdaq composite climbed 0.3%, rising as high as 5275.74, an intraday record.

All three indexes are near their record closing highs.

Investors are largely in wait-and-see mode ahead of Yellen's speech on Friday in Jackson Hole, Wyoming, which could clarify the U.S. central bank's thinking on whether it plans to hike interest rates for the first time this year at its September meeting or continue to hold off. In recent weeks, so-called Fed "hawks," or central bankers that favor rate hikes sooner rather than later, have said an increase in borrowing rates is getting closer. Still, Wall Street is still betting that the Fed will hold rates steady.

Investors will be watching Yellen in Jackson Hole, Wyo., this week

"The big news later this week will be the central bankers' convention in Jackson Hole," mutual fund manager Louis Navellier told investors in a note.

Stocks were climbing higher as investors reacted to decent economic data out of Europe and an earnings beat from electronics retailer Best Buy (BBY), whose shares were up almost 19%.

U.S. stocks moved higher in sympathy with shares in Europe, which got a boost from the latest reading from a closely watched purchasing managers index, or PMI, which showed a slight rise but enough to top economists' expectations.

The broad Stoxx Europe 600 was 0.9% higher and shares of Germany's DAX index were up 0.9%. Stocks were also higher in France and London.