The Dow Jones Industrial Average climbed 659 points, or 1.3%, on Tuesday as strong earnings from Coca-Cola and Sherwin-Williams lifted blue-chip stocks while falling oil prices added support.
The S&P 500 rose 0.3%, and the Nasdaq Composite finished little changed
Sherwin-Williams stock surged 8% to pace the Dow after the paint maker topped second-quarter estimates. Coca-Cola stock climbed 5% after the beverage giant beat on both revenue and earnings and lifted its full-year guidance. Salesforce stock also gained 5%.
A broad rotation out of technology and into other sectors drove much of the day’s action. The Technology Select Sector SPDR Fund hit its lowest level since May 7, while the State Street Health Care Select Sector SPDR ETF and Financials ETF surged to record highs. Consumer-staples stocks led the S&P 500 with a 2.7% gain.