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Investing.com – The Dow ended higher Tuesday as upbeat corporate earnings fueled a rally on Wall Street ahead of President Donald Trump’s State of the Union address.
The rose 0.68%, the added 0.47%, while the gained 0.74%. It was the Dow’s third gain in a row and fifth straight gain for the S&P 500. The Nasdaq’s gain was its second in a row.
Consumer discretionary stocks led the broader market higher thanks to a surge in high-end apparel maker and retailer Ralph Lauren.
Ralph Lauren (NYSE:) rose 8% after its fiscal third-quarter topped expectations on both the top and bottom lines.
Estee Lauder ‘s (NYSE:) better-than-expected fiscal second-quarter results also fuelled investor optimism over earnings. The company also guided earnings for the fiscal third-quarter above expectations.
Shares of major Dow component Boeing (NYSE:) closed above $400 for the first time, underpinning the move higher in the broader market, after the company said it had teamed up with supersonic startup Aerion.
Energy stocks, meanwhile, closed roughly flat as U.S. oil prices fell 1.7%, despite expectations that U.S. sanctions on Venezuela and OPEC output cuts will help offset excess supplies, boosting prices.
Alphabet (NASDAQ:) pared early losses to close higher for the day, propping up the tech sector, which ended the day up 1% higher. Among other FANG stocks, Apple (NASDAQ:) and Amazon.com (NASDAQ:) rose more than 1%.
On the economic front, weaker-than-expected had a muted impact on stocks as analysts said the sector remained robust.
The services side of the U.S. economy is “still performing well as the index is still entrenched in expansionary territory and is in line with the average level seen since mid-2017,” CIBC said in a note.
In other corporate news, Allergan (NYSE:) added to losses from a day earlier after hedge fund Appaloosa urged the company to split its chairman and CEO roles, a move that could improve investor sentiment, according to Citigroup.
A separation is unlikely to bridge the gap between Allergan’s current valuation and its stock’s fundaments, but an alternate corporate governance structure “is likely to improve investor sentiment at the very least,” the bank said.
The strong day of gains on Wall Street come as investor focus shifts to President Donald Trump’s State of the Union address due 9PM ET, which may offer insight into key policies that could drive economic growth, buoying stocks.
Top S&P 500 Gainers and Losers Today:
Estee Lauder (NYSE:), Leggett & Platt (NYSE:) and Ralph Lauren (NYSE:) were among the top S&P 500 gainers for the session.
Church & Dwight (NYSE:), Archer-Daniels-Midland (NYSE:) and Clorox (NYSE:) were among the worst S&P 500 performers of the session.
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