The Dow Jones Industrial Average closed higher Tuesday, notching its longest winning streak in more than six years as traders weighed the latest earnings reports.
The Dow rose by 26.83 points, or 0.08%, to 35,438.07. This was the 12th positive session in a row for the 30-stock index and its longest rally since February 2017. The S&P 500 added 0.28% to 4,567.46. The Nasdaq Composite advanced 0.61% to 14,144.56.
General Motors shares fell 3.5% even after the automaker hiked its full-year earnings guidance. Meanwhile, General Electric climbed nearly 6.3% on the back of stronger-than-expected revenue for the second quarter.
Elsewhere, UPSÂ fell 1.9% after it reached a tentative deal with the Teamsters union, avoiding a strike.
Meanwhile, Banc of California shares surged 11% and PacWest Bancorp shares dropped 27%. A report from The Wall Street Journal, citing people familiar with the matter, said Banc of California is in advanced talks to buy PacWest.
Wall Street is digesting results from the busiest stretch of earnings so far, with major tech names Alphabet and Microsoft set to report after the close. Nearly 130 S&P 500 companies having reported second-quarter earnings thus far. Of those names, about 79% have exceeded analyst expectations, FactSet data shows.
Investors are also awaiting the Federal Reserve's policy decision Wednesday and will parse through Chair Jerome Powell's comments for his economic outlook. Investors are overwhelmingly betting the Fed will raise rates by a quarter percentage point. However, they are less certain about what policymakers will do in September.
"They have to be convinced that inflation is durably on this glide path towards their target," U.S. Bank's Tom Hainlin said. "And I think there's still more information to be had. So we wouldn't say that there's necessarily a certainty that this is the last hike for the year."