The S&P 500 rose to a record high on Tuesday — ahead of the key Federal Reserve decision — as strong corporate earnings gave investors confidence in a year-end rally.
The Dow Jones Industrials gained 98.78 points to 36,012.26,
The S&P 500 advanced 13.9 points to 4,627.28, also attaining at an all-time high.
The NASDAQ Composite gained 26.84 points to 15.622.75, and to record
Pfizer shares rose 3.8% after the drug maker's third-quarter profit topped expectations. It also raised its 2021 revenue and EPS outlook.
Under Armour shares soared 19% after the athletic retailer hiked its annual outlook, revealing the company is seeing progress in improving its brand image under CEO Patrik Frisk.
DuPont de Nemours rallied 4.3% after beating on the top and bottom lines of its quarterly results and Estee Lauder popped 2.5% on better-than-expected earnings and revenue.
Tesla shares cooled off Tuesday after popping during the end of October. Shares of the electric automaker dipped 2%, though they are up more than 50% over just the past month.
The drop follows a report that the carmaker is recalling 11,700 of its vehicles due to a communications error, and a tweet from company founder Elon Musk that Tesla has yet to sign a contract with rental giant Hertz. Tesla was off its lows of the day.
As of Monday evening, 55.8% of S&P 500 companies have reported quarterly financial results, with 82% beating earnings estimates.
The Fed, at the conclusion of its two-day meeting on Wednesday, is expected to announce it will begin unwinding its $120 billion in monthly bond purchases implemented during the pandemic.
The October jobs report is set for Friday.
Prices for 10-year Treasurys were higher, lowering yields to 1.54% from Monday's 1.56%. Treasury prices and yields move in opposite directions.
Oil prices dumped 79 cents to $83.26 U.S. a barrel.
Gold prices faded five dollars to $1,790.80 U.S. an ounce.