U.S. stocks extended gains Tuesday, with all three major indices closing at record highs, as investors mulled a batch of generally positive quarterly earnings reports.
The Dow Jones Industrial Average rose 160.50 points, or 0.69 percent, to 23,590.83. The S&P 500 added 16.89 points, or 0.65 percent, to 2,599.03. The Nasdaq Composite Index jumped 71.76 points, or 1.06 percent, to 6,862.48.
Before Tuesday's opening bell, Medtronic PLC delivered third-quarter results that beat market estimation. Following the release, shares of the medical device maker jumped 4.77 percent to 82.66 U.S. dollars apiece Tuesday, while shares of Hormel Foods Corp. surged 3.35 percent to 34.52 dollars apiece after the packaged foods heavyweight also posted better-than-expected quarterly earnings.
The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the third quarter of 2017 are expected to rise 8.2 percent year on year, while the revenues are forecast to increase 5.4 percent.
Investors were also encouraged by the prospect of the country' s tax reform plan. U.S. President Donald Trump reportedly said Monday before a cabinet meeting that his administration was going to "give the American people a huge tax cut for Christmas."
On the economic front, U.S. total existing-home sales increased 2.0 percent from a downwardly revised 5.37 million in September to a seasonally adjusted annual rate of 5.48 million in October, beating market consensus, the National Association of Realtors said Tuesday.
The Dow Jones Industrial Average rose 160.50 points, or 0.69 percent, to 23,590.83. The S&P 500 added 16.89 points, or 0.65 percent, to 2,599.03. The Nasdaq Composite Index jumped 71.76 points, or 1.06 percent, to 6,862.48.
Before Tuesday's opening bell, Medtronic PLC delivered third-quarter results that beat market estimation. Following the release, shares of the medical device maker jumped 4.77 percent to 82.66 U.S. dollars apiece Tuesday, while shares of Hormel Foods Corp. surged 3.35 percent to 34.52 dollars apiece after the packaged foods heavyweight also posted better-than-expected quarterly earnings.
The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the third quarter of 2017 are expected to rise 8.2 percent year on year, while the revenues are forecast to increase 5.4 percent.
Investors were also encouraged by the prospect of the country' s tax reform plan. U.S. President Donald Trump reportedly said Monday before a cabinet meeting that his administration was going to "give the American people a huge tax cut for Christmas."
On the economic front, U.S. total existing-home sales increased 2.0 percent from a downwardly revised 5.37 million in September to a seasonally adjusted annual rate of 5.48 million in October, beating market consensus, the National Association of Realtors said Tuesday.
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