The Dow closes its first 7-month winning streak since April 2012
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U.S. stocks closed higher on Tuesday, with the Nasdaq ending at a record and major indexes overall wrapping up a strong October as quarterly results kept equities drifting near all-time highs.
What are stocks doing?
The Dow Jones Industrial Average rose 28.5 points, or 0.1%, at 23,377.24. The S&P 500 rose 2.43 points, or about 0.1%, to 2,575.26.
The Nasdaq Composite Index , meanwhile, advanced 28.71 points, or 0.4%, to finish at 6,727.67. Tuesday marked the 62nd record close of 2017 for the tech-heavy index, matching a record set 37 years ago (http://www.marketwatch.com/story/the-stock-markets-tech-benchmark-just-matched-a-nearly-40-year-old-record-2017-10-31).
For the month, the Dow rose 4.3% while the S&P 500 is up 2.2% and the Nasdaq ended up 3.6%. All three posted their biggest monthly percentage rise since February. Both the Dow and the S&P wrapped up their seventh straight monthly gain, making for the longest such streak for the blue-chip gauge since one ended April 2012, and the best for the S&P 500 since May 2013. The Nasdaq rose for its fourth straight month.
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Read: The Dow just logged its longest period without a 1% intraday move since 1930 (http://www.marketwatch.com/story/the-dow-just-logged-its-longest-period-without-a-1-drop-in-nearly-40-years-2017-10-30)
Check out: Wall Street's strong October suggests happy holidays ahead--and beyond (http://www.marketwatch.com/story/wall-streets-strong-october-suggests-happy-holidays-aheadand-beyond-2017-10-31)
What drove the markets?
Investors followed the start of a two-day Federal Reserve meeting, which isn't expected to yield any changes to monetary policy. Investors will watch for clues on the health of the economy and inflation as gauged by policy makers.
President Donald Trump will reveal his choice for the top Fed post on Thursday, a White House official said (http://www.marketwatch.com/story/trump-to-announce-his-pick-for-fed-chair-on-thursday-2017-10-30). Fed Gov. Jerome Powell is tipped as the pick by several media outlets.
Read: EarningsWatch--Apple, Tesla and Facebook are post-Halloween treats (http://www.marketwatch.com/story/earningswatch-apple-tesla-and-facebook-are-post-halloween-treats-2017-10-30)
Fed statement may have treats for the hawks and the doves (http://www.marketwatch.com/story/fed-statement-may-have-treats-for-both-hawks-and-doves-2017-10-27)
What data were in focus?
See:MarketWatch's economic calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
What are market analysts saying?
"What really matters for the market is earnings, which is what should matter, and earnings have been pretty darn good," said J.J. Kinahan, chief strategist at TD Ameritrade.
"Are there things that could disrupt the apple cart? Sure. There are a lot of expectations around the tax plan, so the details could disappoint, and valuations are absolutely high, even if we are seeing growth in earnings. You don't see years like this, where markets just go straight up. We're due for some kind of pullback," Kinahan said.
(http://www.marketwatch.com/story/trump-leaning-toward-appointing-powell-to-fed-report-2017-10-27)Which stocks are in focus?
Mondelez International Inc.(MDLZ) posted forecast-topping earnings and revenue (http://www.marketwatch.com/story/mondelez-profit-jumps-81-in-third-quarter-shares-5-higher-2017-10-30), sending shares up 5.4%. Food companies were among the market's biggest gainers on Tuesday, helping to support the overall consumer sector, which rose 0.9% as the top-gaining industry of the day. Among other names in the space, J.M. Smucker Co.(SJM) rose 4.1%, Hormel Foods(HRL) was up 3.4%, Kraft Heinz Co. (KHC) added 2.7% and General Mills Inc. (GIS) ended up 2.5%.
Among other active names, Aetna (AET) reported earnings that came in ahead of analysts' estimates (http://www.marketwatch.com/story/aetna-shares-surge-on-q3-profit-beat-increased-2017-earnings-guidance-2017-10-31), but the stock fell 0.7%. Pfizer Inc. (PF) also reported earnings that topped forecasts, and it lifted its 2017 earnings outlook (https://www.marketwatch.com/story/pfizer-shares-surge-on-q3-profit-beat-raised-2017-earnings-outlook-2017-10-3), but the Dow component fell 0.3%.
Read:Company parses earnings calls to identify speech patterns that move stock prices (http://www.marketwatch.com/story/this-company-is-parsing-speech-patterns-on-earnings-calls-that-can-move-stock-prices-2017-10-11)
Under Armour Inc. (UAA) slid 24% on weaker-than-expected revenue and a profit warning by the sport-apparel maker (http://www.marketwatch.com/story/under-armour-shares-sink-after-revenue-miss-profit-warning-2017-10-31). Archer Daniels Midland Co. (ADM)(ADM) stock slid over 4.5% after deliver earnings that failed to match analysts' estimates (http://www.marketwatch.com/story/archer-daniels-stock-slides-2-after-earnings-miss-2017-10-31).
Shares of Qualcomm Inc.(QCOM) slid 6.7% on a report that in The Wall Street Journal (http://www.marketwatch.com/story/qualcomm-shares-slide-6-on-report-apple-may-drop-use-of-its-chips-2017-10-31)that Apple may drop chip maker's components upcoming iPads and iPhones. Apple has accused Qualcomm of using its market dominance to charge unfair royalties and block competitors.
Mastercard (MA) dipped 0.1% after the company reported better-than-expected revenue and profit, with revenue of $3.40 billion, compared with analysts consensus forecasts surveyed by FactSet for revenue of $3.28 billion.
Rockwell Automation (ROK) rose 7.4% after CNBC reported that Emerson Electric(EMR) made multiple offers to buy the company. The latest offer valued the company at more than $27 billion. Emerson shares fell 4.3%.
Check out: AMD stock turns negative for year on doubts about cryptocurrency, gaming growth (http://www.marketwatch.com/story/amd-stock-drops-amid-doubts-about-cryptocurrency-gaming-growth-2017-10-30)
(http://www.marketwatch.com/story/sanmina-shares-fall-on-earnings-miss-outlook-2017-10-30) (http://www.marketwatch.com/story/apptio-shares-rally-as-results-outlook-top-street-view-2017-10-30)Chegg Inc.(CHGG) slid 4.9%. Losses came even after the education-focused company posted stronger-than-expected earnings and lifted guidance (http://www.marketwatch.com/story/chegg-rises-to-record-levels-after-earnings-beat-raised-guidance-2017-10-30).
Lumber Liquidators Holdings Inc. (LL) lost 11.5% after reporting a surprise third-quarter loss and sales that came in below expectations (http://www.marketwatch.com/story/lumber-liquidators-stock-plunges-after-surprise-loss-sales-miss-2017-10-31).
Rent-A-Center Inc.(RCII) shed 1.3% after the company said it was exploring "strategic and financial alternatives" to turn around the company (http://www.marketwatch.com/story/rent-a-center-to-explore-alternatives-posts-quarterly-loss-2017-10-30).
What are other markets doing?
The ICE Dollar Index was flat (http://www.marketwatch.com/story/us-dollar-regains-strength-canadian-dollar-hammered-after-gdp-data-2017-10-31) at 94.56.
Brent oil and U.S. crude prices finished higher (http://www.marketwatch.com/story/brent-oil-set-for-4th-straight-monthly-gain-wavers-around-2-year-high-2017-10-31). Gold drifted south (http://www.marketwatch.com/story/gold-struggles-even-as-the-strong-dollar-takes-a-breather-2017-10-31) at $1,271.80 an ounce.
Stocks in Europe closed at a 5-month high (http://www.marketwatch.com/story/european-stocks-stick-around-5-month-highs-cruise-toward-october-gain-2017-10-31) amid a stream of earnings reports. Spanish stocks again outpaced the gains with a 1% move up.
In Asia, stocks finished mixed (http://www.marketwatch.com/story/nikkei-retreats-ahead-of-boj-announcement-2017-10-30), marked by losses for the Hang Seng Index in Hong Kong. But Korea's Kospi Composite Index posted a record close on blowout results for heavyweight Samsung Electronics Co. (005930.SE).
Read:Bank of Japan leaves monetary policy unchanged (http://www.marketwatch.com/story/bank-of-japan-leaves-monetary-policy-unchanged-2017-10-30)
(END) Dow Jones Newswires
October 31, 2017 16:29 ET (20:29 GMT)