(MENAFN- Baystreet.ca)
The S&P 500 headed for a record close on Tuesday as Wall Street cheered stronger-than-expected quarterly profits from some of the largest publicly traded U.S. companies.
The Dow Jones Industrial Average hiked 144.67 points to 26,655.72
The S&P 500 gained 23.36 points to 2,931.33, above an all-time closing high of 2,930.75 set in Sept. 20. It was still below its intraday record of 2,940.91.
The NASDAQ Composite jumped 91.03 points, or 1.1%, to 8,106.30
Dow members Coca-Cola gained 1.7%, and United Technologies added 2.5%, both having reported better-than-expected quarterly earnings on Tuesday.
Twitter shares jumped 16.3% on its stronger-than-expected results. The social media company said its monthly active users totaled 330 million, more than a FactSet estimate of 318 million.
Lockheed Martin also rallied more than 6% after its earnings easily topped expectations. The company reported strong operating margins across all its major businesses, which include aeronautics and missiles.
Procter & Gamble also posted stronger-than-forecast earnings, but its stock traded down 2.4%. Texas Instruments, eBay and Stryker are set to release their latest quarterly results after market close.
This is the busiest week of the corporate earnings season. Once the dust settles, more than 140 S&P 500 companies will have released their calendar first-quarter results.
So far, the results have largely topped expectations. More than 78% of the S&P 500 companies that have reported have surpassed analyst expectations
On the data front, new home sales data was scheduled for release this morning.
Prices for the benchmark 10-year U.S. Treasury were higher, weighing yields to 2.57% from Monday's 2.59%. Treasury prices and yields move in opposite directions.
Oil prices gained 88 cents to $66.43 U.S. a barrel.
Gold prices slumped six dollars to $1,271.60 U.S. an ounce.
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