Markets Right Now: Stocks closing higher as Dow sets record

The latest on developments in financial markets (All times local):

4:05 p.m.

U.S. stocks are closing higher as Caterpillar and 3M lead a rally in industrial companies sparked by strong third-quarter reports.

Caterpillar reported better-than-expected third-quarter results and jumped 5 percent Tuesday. Post-it note maker 3M gained 5.9 percent. Both raised their annual forecasts.

Whirlpool tumbled 10.5 percent after it reported weak quarterly earnings and cut its annual profit forecast.

Health care companies weakened. Drugmaker Biogen fell 4 percent and Eli Lilly lost 2.3 percent.

The Standard & Poor's 500 index added 4 points, or 0.2 percent, to 2,569.

The Dow Jones industrial average picked up 168 points, or 0.7 percent, to 23,441, a new record. The Nasdaq composite advanced 12 points, or 0.2 percent, to 6,598.

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12:05 p.m.

U.S. stocks are rising led by industrial companies and banks as major indexes recover some of the previous day's losses.

Among industrial companies, Caterpillar reported better-than-expected third-quarter results and jumped 4.8 percent Tuesday. Stanley Black & Decker rose 4.7 percent and Post-it note maker 3M was up 7.6 percent.

Whirlpool tumbled 10.3 percent after it reported weak quarterly earnings and cut its annual profit forecast.

Health care companies weakened. Drugmaker Biogen fell 4.3 percent.

The Standard & Poor's 500 index added 5 points, or 0.2 percent, to 2,570.40.

The Dow Jones industrial average picked up 198 points, or 0.9 percent, to 23,473.15. The Nasdaq composite advanced 17 points, or 0.3 percent, to 6,604.

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9:35 a.m.

U.S. stocks ae opening higher led by industrial companies and banks as major indexes recover some of the previous day's losses.

Among industrial companies, Caterpillar reported better-than-expected third-quarter results and jumped 6 percent. Stanley Black & Decker was up 5 percent and Post-it note maker 3M was up 3.9 percent.

Whirlpool tumbled 8.1 percent after it reported weak quarterly earnings, while longtime partner Sears said it will stop selling Maytag and other Whirlpool appliances effective immediately.

The Standard & Poor's 500 index added 6 points, or 0.2 percent, to 2,571.29.

The Dow Jones industrial average picked up 172 points, or 0.8 percent, to 23,451. The Nasdaq composite advanced 11 points, or 0.2 percent, to 6,599.