The Dow Jones Industrial Average rose on Tuesday as the corporate earnings season kicked into full gear, while also getting a boost from Boeing shares.
The 30-stock Dow ended the day up 67.89 points at 26,452.66 as Boeing gains 1.7%. Shares of the aerospace giant rose after the Federal Aviation Administration said in a report an update to the 737 Max software is "operationally suitable."
The Nasdaq Composite advanced 0.3% to 8,000.23 while the S&P 500 eked out its 12th gain in 14 sessions as the financials sector outperformed. While the S&P 500 only gained 0.05% to close at 2,907.06, it did inch closer to 2,940, a record high set in late September.
"The catalyst we needed to test that 2,940 all-time high was earning," said Jeff Kilburg, CEO of KKM Financial. "If we continue to see earnings beat expectations, we're going to see a new all-time high put in."
Johnson & Johnson climbed 1.1% on stronger-than-forecast quarterly results. More than half of its revenue came from prescription drug sales, which increased by more than 4%. BlackRock and Bank of America also rose on stronger-than-expected earnings. IBM, Netflix, and CSX are among the companies that reported earnings after the bell.
"We're seeing some serious earnings being reported," said KKM Financial's Kilburg. "That's relieved the market because there was some anxiety heading into the season."