The Dow Jones industrial average rose sharply on Tuesday on the back of strong quarterly results from 3M and Caterpillar.
The 30-stock index rose 190 points and hit an intraday record high. JPMorgan Chase shares rose 1.6 percent to break above $100 for the first time.
The S&P 500 gained 0.2 percent, with industrials and financials leading advancers. Corning and 3M were the best performers on the index. The Nasdaq composite advanced 0.3 percent.
“This is very much earnings-driven,” said Michael Shaoul, chairman and CEO of Marketfield Asset Management. “The economically sensitive sectors of the S&P 500 have seen some strong earnings and that’s what we needed.”
Caterpillar reported earnings per share of $1.95 on revenue of $11.413 billion. Analysts polled by Reuters expected a profit of $1.27 per share on sales of $10.649 billion. Caterpillar shares rose 4.8 percent.
3M shares rose 7.2 percent after the company posted earnings per share of $2.33 on sales of $8.172 billion. Analysts polled by Reuters expected a profit of $2.21 per share on revenue of $7.927 billion.
United Technologies, another Dow component, also reported better-than-expected results; its stock rose as much as 1.98 percent before trading 1.2 percent lower.
General Motors, Eli Lilly and Polaris Industries also rose after reporting earnings.
SOURCE: Alexandra Gibbs, Fred Imbert