Solid Earnings Push Market Broadly Higher; S&P 500, Dow Hit Records

Stocks gained ground steadily and closed broadly higher on Wall Street as investors rewarded solid earnings results from several large companies and more in Wednesday’s Stock Market Update.

The S&P 500 got off to a weak start Wednesday but gained steam throughout the afternoon.

Technology stocks shone the brightest, and chipmaker Texas Instruments soared 7.4% after a strong earnings report.

Industrial stocks moved broadly higher after UPS beat Wall Street’s financial forecasts. The solid results from the delivery service counteracted steep drops from Boeing and Caterpillar, which both reported weak financial results.

Anthem sank 4.5% after the insurer reported higher costs. UnitedHealth Group lost 1.5%. The health care sector fell broadly.

Corporate results have been mixed this week, though investors are jumping on some of the best performers during this latest round. This is a heavy week for financial results, with nearly 150 major companies reporting results through Friday. Stocks have been volatile over the last few weeks as investors assess the results to gain a better picture of the overall economy.

STOCK MARKET UPDATE

KEEPING SCORE: The S&P 500 rose 14 points, or 0.5%, to 3,019. The Dow lost 79 points, or 0.3%, to 27,269. The Nasdaq rose 70 points, or 0.8%, to 8,321.

CLOGGED VACUUM: Roomba maker iRobot plummeted 16.8% after slashing its profit and revenue forecasts because of the U.S. trade war with China.

BAD SEAL: Tupperware Brands plunged 19% after the maker of plastic storage containers chopped its profit forecast for the year following a weak second quarter. The company cited lower consumer spending in all of its regions.

GOOD CHIPS: Texas Instruments rose 7.4% after surprising investors with a solid profit and sales forecast, helping to ease concerns on Wall Street about weak demand because of the U.S.-China trade war. Chipmakers have been under pressure because of fears that sales in China would feel the brunt of tariffs and technology restrictions.

DELIVERING RESULTS: UPS rose 8.6% as demand for next-day delivery service pushed its second quarter financial results past Wall Street’s forecasts. The company has been expanding its delivery service options to meet growing demand from online shopping.

ENERGY: Benchmark U.S. crude fell 1.7%, though energy stocks ticked higher. Chevron, Marathon Petroleum and Schlumberger lead the sector’s gains.