U.S. stocks rose on Tuesday, lifting the S&P 500 to a record, with Wall Street cheered by quarterly earnings and data that cast a benign light on inflation and progress in the housing market. "Earnings continue to be much stronger than expected; we're finally starting to see revenue growth kick in, and that's the pivot point to this earnings season so far," said Art Hogan, chief market strategist at Wunderlich Securities.
U.S. second-quarter results had a slew of big names reporting before the bell. Investors cheered results by CNBC's parent company Comcast, as well as from Verizon. Coca-Cola shares fell after the beverage maker reported a 3 percent fall in quarterly profit. McDonald's declined after the fast-food chain reported earnings that fell short of estimates.
Technology giants Apple and Microsoft will publish numbers after the close of trade.
The consumer price index rose 0.3 percent last month after a 0.4 percent rise in May. The core measure, which does not take food and energy costs into account, increased 0.1 percent."There is no upside surprise to inflation expectations, which is good news because there is a cohort of investors that believe the Fed is behind the curve as it relates to inflation, and the most recent reading does not bear that out," said Hogan at Wunderlich Securities.
Another report from the National Association of Realtors had existing-home sales rising a better-than-expected 2.6 percent in June. "It also feels like the international community is working hard to both broker a ceasefire in the Middle East and get to some answers on Ukraine and Malaysia fight MH17," Hogan added.
In developments overseas, pro-Russia rebel leaders handed over two black boxes from the plane to experts in Donetsk in Ukraine, who confirmed they were in good condition. Meanwhile, Russia's envoy to Malaysia said in a news conference that the rebels did not have Buk missile systems and called for an investigation to be conducted by the international community. The Dow Jones Industrial Average rose 67.18 points, or 0.4 percent, to 17,118.91, with Intel leading gains that included 21 of 30 components. The S&P 500 added 10 points, or 0.5 percent, to 1,983.63, with health care and energy leading sector gains and consumer staples and utilities the laggards among its 10 major industry groups.
Shares of Herbalife jumped as hedge-fund manager Bill Ackman alleged the company's nutrition clubs lose an average of $12,000 a year, with Tuesday's presentation by Ackman the latest in a two-year campaign to get the company shut down.
The Nasdaq climbed 33.70 points, or 0.8 percent, to 4,458.41. For every share that fell, more than three gained on the New York Stock Exchange, where 122 million shares traded as of 10:25 a.m. Eastern. Composite volume hit 581 million.
Coming Up This Week:
Tuesday
Earnings: Apple, Microsoft, United Technologies, Travelers, Credit Suisse, Lockheed Martin, Electronic Arts, Xilinx, State Street, Domino's Pizza,Kimberly Clark, VMWare, Juniper Networks, Harley Davidson
Wednesday
Earnings: Boeing, Pepsico, AT&T, Facebook, Dow Chemical, EMC,Gilead Sciences, Qualcomm, General Dynamics, Norfolk Southern,Owens Corning, Omnicare, Praxair, Whirlpool, Delta Airlines, Biogen Idec, Northrup Grumman, STMicro, Freeport-McMoran, Air Products,Ryder Systems, Raymond James, Glaxo Smithkliine, Cheesecake Factory, TripAdvisor, Assurant, Crown Castle, F5Networks, Angie's List
7:00 a.m.: Mortgage applications
Thursday
Earnings: Caterpillar, MMM, General Motors, Ford, Amazon.com, Visa, Starbucks, Bristol Myers Squibb, Eli Lilly, Roche Holdings, Hershey,Dr.Pepper Snapple, Pulte Group, Union Pacific, T. Rowe Price, KKR,Nasdaq Group, Altera, Chubb, Federated, Imax, JetBlue, Pandora,Decker's Outdoor, Kla-Tencor, Baidu, Brunswick, Dunkin Brands,Scholastic, Supervalu, Grubhub, Cabela's,Under Armour, Wyndham Worldwide, Imax, Flextronics, Freescale Semi, Maxim, SolarWinds,Mettler-Toledo
8:30 a.m.: Initial claims
8:58 a.m.: Manufacturing PMI
10:00 a.m.: New home sales
Friday
Earnings: Aon, Xerox, Statoil, Black and Decker, Tyco,AveryDennison, Moody's, Covidien
8:30 a.m.: Durable goods
source: CNBC
U.S. second-quarter results had a slew of big names reporting before the bell. Investors cheered results by CNBC's parent company Comcast, as well as from Verizon. Coca-Cola shares fell after the beverage maker reported a 3 percent fall in quarterly profit. McDonald's declined after the fast-food chain reported earnings that fell short of estimates.
Technology giants Apple and Microsoft will publish numbers after the close of trade.
The consumer price index rose 0.3 percent last month after a 0.4 percent rise in May. The core measure, which does not take food and energy costs into account, increased 0.1 percent."There is no upside surprise to inflation expectations, which is good news because there is a cohort of investors that believe the Fed is behind the curve as it relates to inflation, and the most recent reading does not bear that out," said Hogan at Wunderlich Securities.
Another report from the National Association of Realtors had existing-home sales rising a better-than-expected 2.6 percent in June. "It also feels like the international community is working hard to both broker a ceasefire in the Middle East and get to some answers on Ukraine and Malaysia fight MH17," Hogan added.
In developments overseas, pro-Russia rebel leaders handed over two black boxes from the plane to experts in Donetsk in Ukraine, who confirmed they were in good condition. Meanwhile, Russia's envoy to Malaysia said in a news conference that the rebels did not have Buk missile systems and called for an investigation to be conducted by the international community. The Dow Jones Industrial Average rose 67.18 points, or 0.4 percent, to 17,118.91, with Intel leading gains that included 21 of 30 components. The S&P 500 added 10 points, or 0.5 percent, to 1,983.63, with health care and energy leading sector gains and consumer staples and utilities the laggards among its 10 major industry groups.
Shares of Herbalife jumped as hedge-fund manager Bill Ackman alleged the company's nutrition clubs lose an average of $12,000 a year, with Tuesday's presentation by Ackman the latest in a two-year campaign to get the company shut down.
The Nasdaq climbed 33.70 points, or 0.8 percent, to 4,458.41. For every share that fell, more than three gained on the New York Stock Exchange, where 122 million shares traded as of 10:25 a.m. Eastern. Composite volume hit 581 million.
Coming Up This Week:
Tuesday
Earnings: Apple, Microsoft, United Technologies, Travelers, Credit Suisse, Lockheed Martin, Electronic Arts, Xilinx, State Street, Domino's Pizza,Kimberly Clark, VMWare, Juniper Networks, Harley Davidson
Wednesday
Earnings: Boeing, Pepsico, AT&T, Facebook, Dow Chemical, EMC,Gilead Sciences, Qualcomm, General Dynamics, Norfolk Southern,Owens Corning, Omnicare, Praxair, Whirlpool, Delta Airlines, Biogen Idec, Northrup Grumman, STMicro, Freeport-McMoran, Air Products,Ryder Systems, Raymond James, Glaxo Smithkliine, Cheesecake Factory, TripAdvisor, Assurant, Crown Castle, F5Networks, Angie's List
7:00 a.m.: Mortgage applications
Thursday
Earnings: Caterpillar, MMM, General Motors, Ford, Amazon.com, Visa, Starbucks, Bristol Myers Squibb, Eli Lilly, Roche Holdings, Hershey,Dr.Pepper Snapple, Pulte Group, Union Pacific, T. Rowe Price, KKR,Nasdaq Group, Altera, Chubb, Federated, Imax, JetBlue, Pandora,Decker's Outdoor, Kla-Tencor, Baidu, Brunswick, Dunkin Brands,Scholastic, Supervalu, Grubhub, Cabela's,Under Armour, Wyndham Worldwide, Imax, Flextronics, Freescale Semi, Maxim, SolarWinds,Mettler-Toledo
8:30 a.m.: Initial claims
8:58 a.m.: Manufacturing PMI
10:00 a.m.: New home sales
Friday
Earnings: Aon, Xerox, Statoil, Black and Decker, Tyco,AveryDennison, Moody's, Covidien
8:30 a.m.: Durable goods
source: CNBC