S&P, Nasdaq close at new highs

The bull is back.

Wall Street had a blockbuster day Tuesday as major stock indices closed at new highs on a slew of better-than-expected results from big-name companies, which helped restore confidence in the bull market.

Toymaker Hasbro had its best trading day in over 20 years — gaining 14.2% — after the company reported shoppers rushed to snatch up action toys tied to Transformers movie spinoff “Bumblebee.”

Twitter was also on a tear Tuesday, with its stock soaring 15.7% on positive first-quarter results — making it the best-performing stock in the S&P 500.

“These weren’t little bunts. These were home runs,” Jack Ablin, chief investment officer at Cresset Capital Management, told The Post, referring to the earnings beats.

The earnings-fueled moves sent the S&P 500 up 0.9%, to close at 2,933.68 — beating the previous closing high reached on Sept. 20, 2018. The tech-weighted Nasdaq also closed at an all-time high after climbing 1.3%, to close at 8,120.82.

“The magnitude of the beats and the high profile of the names just helped solidify confidence,” Ablin said.

Tuesday’s action marks the culmination of a stunning comeback for stocks, which had been on a roller-coaster ride since the end of 2018 over fears of a global slowdown and the Federal Reserve’s rate-hiking path.

But with the Fed putting the brakes on interest rate hikes in 2019, and recent positive economic data from China, investors have been lured back to stocks.

“Fears of a global recession were overblown. Worried investors mistook slowing as contraction and so far that hasn’t been the case,” Ablin said.

Tuesday’s uptick helped send the S&P 500 up 17% overall this year after it flirted very close to bear market territory at the end of 2018. And while analysts still fear profits could contract this year compared to last year, they think the bull market has legs.

“This bull market should be able to sustain any pullbacks and could run for another one to two years from here, so we remain positive over the longer term, despite our near-term cautiousness,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.