U.S. stocks rose on Tuesday, lifting the S&P 500 to a record, as Wall Street considered quarterly earnings and data that cast a benign light on inflation and progress in the housing market.
After Tuesday’s close, Apple reported quarterly earnings of $1.28 a share on revenue of $37.4 billion, versus expectations of EPS of $1.23 on roughly $37.98 billion in sales. Shares declined in after-hours trading. Microsoft rose in after-hours trading after the software giant posted earnings that fell short of Wall Street’s expectations and revenue that surpassed estimates.
“We’re finally starting to see revenue growth kick in, and that’s the pivot point to this earnings season so far,” said Art Hogan, chief market strategist at Wunderlich Securities.