S&P 500 heads for new record close after strong earnings from broad range of companies.
The S&P 500 headed for a record close on Tuesday as Wall Street cheered stronger-than-expected quarterly profits from some of the largest publicly traded U.S. companies.
"Among the key companies that have reported, most of them have beaten expectations," said Peter Cardillo, chief market economist at Spartan Capital Securities."That means we're probably going to escape an earnings recession. That will be key for the market to rally from here." Defense giant Lockheed Martin also rallied more than 6% after its earnings easily topped expectations. The company reported strong operating margins across all its major businesses, which include aeronautics and missiles.
So far, the results have largely topped expectations. More than 78% of the S&P 500 companies that have reported have surpassed analyst expectations, according to FactSet data.
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