The S&P 500 and Nasdaq composite climbed to new highs as the market picked up steam heading into Tuesday's close.
XThe Dow Jones industrial average also closed higher after being slightly underwater earlier. The Nasdaq gained 0.15%, the Dow added 0.1% and the S&P 500 was fractionally higher. Retailers led the upside in the stock market today, thanks to some bullish earnings reports.
Blue chips were mixed with Walmart (WMT), Apple (AAPL) and Cisco (CSCO) leading the upside. Boeing (BA), Coca-Cola (KO) and United Technologies (UTX) underperformed with losses of about 0.7% each.
Apple added nearly 1% for a record high. Shares are extended past a 194.30 flat-base entry. The company's 12th-generation iPhone is reportedly on track for Apple's biggest launch since late 2014, according to DigiTimes.
Among retailers, DSW (DSW) gapped up and vaulted 20% to a new high on much better-than-expected Q2 views. The shoe seller also raised its full-year profit and sales guidance. Shares have rallied 53% this year.
DSW helped boost the Retail-Apparel/Shoes group. Shoe Carnival (SCVL), slated to report after the close, rose 6% to a new high. The stock remains in buy range after clearing a 36.34 buy point of a wide-and-loose consolidation.
Home-furnishings and mail-order retailers were also among the day's biggest gainers. But consumer electronics retailers fell as Best Buy (BBY) weighed. The stock gapped down and sank as much as 8% intraday before paring its loss to 5% on a disappointing earnings outlook. Shares breached but closed above the 50-day line.
Jewelry retailer Tiffany (TIF) shot up to a 7% gain after its quarterly earnings beat views. But it reversed to pare most of the gains and give up its 50-day line, which it had reclaimed intraday.
In the aerospace group, Heico (HEI) gapped up and soared 11% to a record high in fast trade. Late Monday, the maker of aerospace/defense parts reported fiscal Q3 results that topped views. It extended a double-digit earnings and sales growth streak for a fifth straight quarter. Shares are extended from a 77.96 flat-base buy point.
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