Immediately after the U.S. Senate’s healthcare vote was passed — in which debate begins around the repeal of Obamacare — the stock market had a jump that brought it to new a record.
U.S. stocks closed higher on Tuesday after a slew of major companies reported better-than-expected quarterly results.
The S&P 500 rose 0.3 percent to hit intraday and closing records, with financials, materials and energy rising more than 1 percent to lead advancers. The index closed at 2,477.08
The Dow Jones industrial average rose 100.26 points to close at 21,613.43, with Caterpillar and McDonald’s having large gains.
The Nasdaq composite rose just 0.02 percent but managed intraday and closing records. The index finished the session at 6,412.17.
Caterpillar posted bottom-line results that topped estimates, sending its shares higher.
“This is what the market needs to hear from industrial names coming in strong,” said Quincy Krosby, chief market strategist at Prudential Financial. “This is the earnings week.”
General Motors and McDonald’s also saw their shares climb after reporting quarterly results. However, 3M posted weaker-than-expected results, sending the stock down 6 percent. Shares of 3M shaved off 73 points from the Dow.
This is the busiest week of the earnings season, with approximately 180 S&P 500 components scheduled to report. Boeing, Coca-Cola, Facebook and Amazon are set to report later this week.
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