Stocks See Further Upside, Reaching New Record Highs

After moving mostly higher early in the session, stocks have seen some further upside over the course of the trading day on Tuesday. The upward move on the day has lifted the major averages to new record intraday highs.

Currently, the major averages are just off their highs of the session. The Dow is up 179.79 points or 0.8 percent at 23,610.12, the Nasdaq is up 69.24 points or 1 percent at 6,859.95 and the S&P 500 is up 17.52 points or 0.7 percent at 2,599.66.

The continued advance by the major averages is partly due to strength among technology stocks, with Apple (AAPL) and Microsoft (MSFT) turning in two of the Dow’s best performances.

Upbeat earnings news from several well-known companies may also be contributing to the early strength on Wall Street.

Shares of Hormel Foods (HRL) have moved notably higher after the food company reported fiscal fourth quarter results that exceeded analyst estimates.

Apparel retailer Urban Outfitters (URBN) is also posting a significant gain after reporting better than expected third quarter results.

On the other hand, shares of Lowe’s (LOW) have moved to the downside even though the home improvement retailer reported third quarter earnings and revenues that beat estimates.

Soup maker Campbell Soup (CPB) has also come under pressure after reporting fiscal first quarter that came in below estimates and lowering its full-year earnings outlook.

In economic news, the National Association of Realtors released a report showing a much bigger than expected jump in existing home sales in the month of October.

The report said existing home sales surged up by 2.0 percent to an annual rate of 5.48 million in October from a downwardly revised 5.37 million in September.

Economists had expected existing home sales to climb by 0.7 percent to a rate of 5.43 million from the 5.39 million originally reported for the previous month.

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