Investing.com – Wall Street posted triple-digit gains Tuesday as an earnings-infused rally was bolstered by a sharp rise in energy and telecom stocks.
The Dow Jones Industrial Average rose about 0.79%. The S&P 500 rose 0.48%, while the Nasdaq Composite fell about 0.01%.
Alphabet (NASDAQ:GOOGL) stock closed more than 3% higher after the tech giant reported revenue and adjusted earnings that topped analysts’ estimates after the bell Monday.
Alphabet's bullish results added to the wave of mostly-above-forecast earnings from U.S. corporates released Tuesday, underpinning sentiment on equities.
Both Verizon and Harley-Davidson beat Wall Street earnings estimates, while United Technologies guided full-year earnings higher after beating estimates on both the top and bottom lines.
Harley-Davidson (NYSE:HOG) stock was the standout performer, closing nearly 8% higher, while United Tech (NYSE:UTX) stock closed nearly 4% higher and Verizon (NYSE:VZ) stock closed about 1.5% higher.
Whirlpool (NYSE:WHR) stock, however, tumbled more than 14% as the company cut its full-year outlook on profits after reporting second-quarter earnings that fell short of analysts' estimates. Whirlpool blamed the weak performance on "very soft" U.S. demand for its washing machines as the appliance maker raised prices to cover the rising cost of raw materials.
The rally in energy stocks, meanwhile, also supported the broader average as oil prices settled higher on expectations that U.S. crude supplies fell last week, stoking expectations for a global supply shortage.
On the New York Mercantile Exchange crude futures for September delivery gained 63 cents to settle at $68.52 a barrel.
In the economic news, preliminary U.S. manufacturing PMI for July topped expectations while the services PMI fell marginally short of forecasts.
But that failed to offset investor expectations for strong U.S. second-quarter GDP print due Friday.
On the political front, U.S.-EU trade tensions remained front and center as U.S. President Donald Trump meets with European Commission President Jean-Claude Juncker and European Union Trade Commissioner Cecilia Malmström at the White House in Washington on Wednesday.
Ahead of the meeting, Trump declared that “Tariffs are the greatest!” warning U.S. trade partners that further tariffs may follow if they refuse to negotiate a "fair deal."
Top Gainers and Losers on Wall Street Today:
United Technologies (NYSE:UTX), Johnson & Johnson (NYSE:JNJ) and Chevron (NYSE:CVX) were among the top Dow gainers for the session.
Nike (NYSE:NKE), McDonald’s (NYSE:MCD) and Walt Disney (NYSE:DIS) were among the worst Dow performers of the session.