Dow Industrials Make Run at 22000

By Justin Yang and Kenan Machado Features Dow Jones Newswires

The Dow Jones Industrial Average climbed toward a fresh record Tuesday, lifted by gains in bank stocks.

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The blue-chip index added 97 points, or 0.4%, to 21988 shortly after the opening bell, putting it within striking distance of the 22000 milestone. The benchmark has posted 30 record closes so far this year, buoyed by strong corporate earnings in the second quarter.

The S&P 500 rose 0.3%, and the Nasdaq Composite added 0.4%.

"Equities are in an earnings-driven market, surprising to the upside," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.

Bank shares lifted U.S. stock indexes early in the trading session. Goldman Sachs Group added 1.2%, contributing about 20 points to the Dow industrials' gains, while J.P. Morgan Chase rose 0.8%.

Elsewhere, the Stoxx 600 Europe rose 0.3%, lifted by a raft of upbeat earnings reports.

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Energy giant BP PLC rose 2.9% after the company returned to profitability in the second quarter on recovering oil prices.

British aircraft-engine maker Rolls-Royce Holdings PLC also reported positive earnings after posting a first-half net profit, sending its shares 9.4% higher.

Moves in European stocks followed several economic data releases in the region. Eurozone economic growth gathered pace in the second quarter, coming in roughly in line with economists' expectations, data showed Tuesday. The reading marked the most consistently strong expansion of Europe's economy since bouncing back from the recession that had followed the global financial crisis.

Earlier, improvement in a closely watched private gauge of manufacturing in China helped shares in Asia climb. A reading from Caixan and IHS Markit rose for a second straight month in July and hit its highest level since March.

The Shanghai Composite Index closed up 0.6% after four consecutive sessions of gains.

Hong Kong's Hang Seng Index hit fresh two-year highs, rising 0.8%.

Korea's Kospi was up 0.8% amid gains in index heavyweight Samsung as well as carriers Asiana and Korean Air.

Akane Otani contributed to this article.

Write to Kenan Machado at kenan.machado@wsj.com

(END) Dow Jones Newswires

August 01, 2017 09:55 ET (13:55 GMT)