The S&P 500 and Nasdaq closed at record highs Tuesday as investors cheered the latest batch of solid corporate earnings, including those from blue-chip Coca-Cola Co. and social-media brands such as Twitter Inc.
The Dow Jones Industrial Average DJIA rose 145.34 points to 26,656.39, less than 1% away from its record. The S&P 500 index SPX added 25.71 points, to 2,933.68, and the Nasdaq Composite COMP gained 105.56 points to 8,120.82.
With earnings continued to dominate the market, several Dow components such as Coca-Cola KO, Procter & Gamble Co. PG, United Technologies Corp. UTX and Verizon Communications Inc. VZ, releasing quarterly results.
Shares of United Technologies rose 2.3% to lead the Dow higher after the company reported earnings and revenue that beat analyst expectations, while raising expectations for its full-year performance. Shares of Coke also boosted the blue-chip index, rising 1.7%, on better-than-expected earnings.
Twitter Inc. TWTR, +15.64% shares led the S&P 500’s charge into record territory, up 16% after the social media company reported user growth well beyond analyst forecasts.
On the economic front, new-home sales in March rose 4.5% to a seasonally adjusted annual rate of 692,000, the Commerce Department said.On Monday, the energy sector had taken center stage after the U.S. said it was ending sanction waivers on imports of Iranian oil, granted to a number of countries, including China, India and Turkey, which were slated to terminate May 2. Because the tightened restrictions would remove nearly 1 million barrels of Iranian supplies from the market a day, it delivered a jolt to oil-pegged assets and produced sharp gains in the energy sector.
Performance of the other active stocks,
P&G fell 2.7% after the maker of Oral-B, Pampers and Tide products issued a soft outlook for the full-year 2019.
Verizon shares fell 2.1% even after the communications giant beat first-quarter profit expectations and raised its outlook.
Lockheed Martin Corp. LMT, +5.66% shares rallied 5.7% after the aerospace and defense giant greatly surpassed estimates for the first quarter and raised its full-year guidance.
Shares of Harley-Davidson Inc. HOG, -2.01% fell 2% after the motorcycle manufacturer missed earnings estimates slightly.