US STOCKS-Dow hits record high powered by banks, nears 22,000

* Banks send Dow to record high, near 22,000

* Under Armour falls to record low after cutting forecast

* Sprint higher after swinging to quarterly profit

* Indexes up: Dow 0.38 pct, S&P 0.25 pct, Nasdaq 0.19 pct (Updates with investor comment, detail, prices)

Aug 1 (Reuters) - The Dow Jones Industrial Average hit a record high on Tuesday and approached the 22,000 mark, powered by Goldman Sachs, JPMorgan Chase and other banks.

Apple traded 0.2 percent higher as Wall Street awaited the largest publicly listed company's quarterly report after the bell, with the iPhone maker expected by analysts to post a 6-percent rise in revenue.

The S&P 500 information technology index is up 22 percent year to date, leading other sectors on Wall Street.

"It's tech or bust. It's the have and have-nots," said Jake Dollarhide, chief executive officer of Longbow Asset Management, referring to the tech sector's outsized gains in recent months.

With two thirds of S&P 500 companies having reported their second-quarter earnings, 72 percent have beaten Wall Street's expectations, according to Thomson Reuters I/B/E/S. In a typical quarter, 64 percent of companies beat expectations.

Those results may reassure investors worried about high valuations. The S&P 500 is trading at about 18 times earnings estimates for the next 12 months, above its 10-year average of 14 times, according to Thomson Reuters Datastream.

At 2:30 pm (1830 GMT), the Dow was up 0.38 percent to 21,975.23. The index pierced through the 20,000 milestone in January and the 21,000 mark barely one and a half months later.

The S&P 500 gained 0.25 percent to 2,476.47 and the Nasdaq Composite added 0.19 percent to 6,360.47.

The S&P financial index led with a gain of 0.77 percent. JPMorgan Chase rose 1.3 percent and Citigroup added 1.49 percent.

Economic data showed U.S. consumer spending barely rose in June as income failed to increase for the first time in seven months.

Under Armour fell 9.44 percent to a record low after the sportswear maker cut its full-year sales forecast.

Automaker Ford fell 2.54 percent and General Motors lost 3.43 percent after they reported lower monthly sales.

Sprint jumped 11.72 percent after swinging to a quarterly profit for the first time in three years, while Xerox rose 5.35 percent after its profit beat expectations. (Additional reporting by Tanya Agrawal in Bengaluru; Editing by James Dalgleish)