2014.07.2303:46:23UTC+00US stocks climb on positive earnings, inflation data

US stocks advance on the trading session on Tuesday as the ongoing earnings report lifted the indexes with the S&P 500 hitting a new intraday high while inflation data was released along with the developments in the housing market.

The Dow Jones Industrial Average added 0.4% or 61.81 pips to 17,113.54 with an intraday high that gained the index as much as 81 pips. 20 out of the index’s 30 components advanced with Intel leading the blue-chip gains. The S&P 500 gained 0.5% or 9.90 pips to 1,983.53, surpassing its July 3 record. Among the 10 industry groups, the healthcare and technology companies were the ones to bolster the gauge while the consumer staples and utilities dragged the index. The Nasdaq Composite advanced by 0.7% or 31.31 pips to 4,456.02.

Herbalife Ltd. shares jumped to its highest level since it began trading in 2004. The company surged after Bill Ackman, hedge-fund manager, tried to convince investors that the company is losing an average of $12,000 per year and that it is guilty of fraud. Ackman is in second year of campaigning to get the weight-loss shakes seller to shut down. Comcast Corp. and Chipotle Mexican Grill advanced early in the trade after their earnings report surpassed estimates with gains of 1.5% and 12% respectively. In the same case beverage and fast food moguls McDonald’s and Coca-cola declined following an earnings report that failed to top estimates.

Chief Investment officer at Mariner Wealth Advisors, William Greiner, commented that so far the earnings report are yielding strong data that surpassed the expectations of a lot people , including the forward guidance side. He adds that the current concerns about valuation was not enough to lessen the appeal of stocks over bonds.

The New York Stock Exchange witnessed about two-thirds of the market’s stocks trading up. Approximately 5.05 billion shares exchanged hands on US platforms.