Stock Market Today: Stocks mixed into short Christmas Eve session

Updated at 2:30 PM EST

U.S. stocks closed firmly higher Tuesday, while the dollar tested the highest levels in two years, as shrugged off another jump in Treasury yields and rode solid gains for megacap tech stocks to a extend the early Santa Claus rally.

The S&P 500 ended 66 points, or 1.1% higher on the session while the Nasdaq gained 266 points and the Dow surged 390 points to extend its winning streak to a fourth straight day.

Updated at 10:53 AM EST

Mag 7 power

Tesla  (TSLA)  is leading gains for the megacap tech names heading into the final hours of the holiday-shortened session, with shares up 4.8% to extend the stock's post-election surge to around 85%.

The gains are driving the Nasdaq was last marked 198 points higher, or 1%, with the S&P 500 rising 44 points, or 0.7%

Updated at 9:39 AM EST

Mixed open

The S&P 500 was marked 13 points, or 0.21% in the opening minutes of trading, with the Nasdaq rising 76 points, or 0.39%.

The Dow slipped 5 points while the mid-cap Russell 2000 edged 3 points, or 0.1% lower.

Updated at 9:18 AM EST

Fed up banks

U.S. banks stocks were in focus Tuesday following a lawsuit filed by the American Bankers Association and the U.S. Chamber of Commerce that challenges what the lobby groups have called the "opaque aspects" of the Federal Reserve's industry stress tests.