Investing.com – The rally on Wall Street continued for a second straight day as investors piled into equities anticipating bullish earnings from companies amid a raft of better-than-expected earnings reports.
The Dow Jones Industrial Average closed higher at 22,997.44. The S&P 500 closed 0.05% higher while the Nasdaq Composite closed at 6623, down 0.01%.
Healthcare stocks were the best performing sector of the day, after UnitedHealth Group Incorporated (NYSE:UNH) reported better-than-expected earnings, lifting the broader market higher.
A slump in Financials, however, weighed on upside momentum despite earnings reports from both Goldman Sachs Group Inc (NYSE:GS) and Morgan Stanley (NYSE:MS) that beat estimates on both the top and bottom lines.
"We've had some good earnings reports and third-quarter estimates continue to go higher," said Mike Baele, managing director at U.S. Bank Private Client Reserve. "I think we're poised to have another good earnings season."
On the economic front investors cheered data pointing to underlying strength in the U.S. economy.
U.S. import prices for September recorded their biggest increase in more than a year rising 0.7% for month, the Labor Department said Tuesday. That beat expectations for a 0.5% rise.
U.S. industrial output rose 0.3% in September as construction and utilities production recovered following the impact of Hurricanes Harvey and Irma last month, the Federal Reserve said on Tuesday. Manufacturing production rose 0.1% in September.
'Bulls and Bears' on Wall Street
The top Dow gainers for the session: UnitedHealth Group Incorporated (NYSE:UNH) up 5.5%, Johnson & Johnson (NYSE:JNJ) up 3.4% and Nike Inc (NYSE:NKE) up 1.2%
Goldman Sachs Group Inc (NYSE:GS) down 2.6%, General Electric Company (NYSE:GE) down 0.7% and Caterpillar Inc (NYSE:CAT) down 0.7%, were among the worst Dow performers of the session.