U.S. stocks rose on Tuesday, lifting the S&P 500 to a record, as Wall Street considered quarterly earnings and data that cast a benign light on inflation and progress in the housing market.
After Tuesday's close, Apple reported quarterly earnings of $1.28 a share on revenue of $37.4 billion, versus expectations of EPS of $1.23 on roughly $37.98 billion in sales. Shares declined in after-hours trading. Microsoft rose in after-hours trading after the software giant posted earnings that fell short of Wall Street's expectations and revenue that surpassed estimates.
"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.
Investors embraced results by CNBC's parent company Comcast, as well as from Verizon and Chipotle Mexican Grill. 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.
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.