S&P 500 flirts with record high on upbeat earnings

- The S&P 500 was within striking distance of its all-time high on Tuesday as better-than-expected results from Twitter and a host of industrial companies eased concerns about slowing corporate profits.

Twitter Inc shares surged 16.6%, touching a near nine-month high, after the social media company posted a better-than-expected quarterly revenue and a surprise rise in monthly active users. Profits at S&P 500 companies are expected to decline 1.3% in the first quarter, in what analysts say could be the first earnings contraction since 2016. However, forecasts have largely improved since the start of April.

At 11:32 a.m. ET, the Dow Jones Industrial Average was up 123.27 points, or 0.46%, at 26,634.32, the S&P 500 was up 20.88 points, or 0.72%, at 2,928.85 and the Nasdaq Composite was up 81.49 points, or 1.02%, at 8,096.75. Boosting the tech stocks, Qualcomm Inc jumped 5.1% after Morgan Stanley upgraded the chipmaker to “overweight” from “equal-weight”.Among decliners, Procter & Gamble Co fell 2.5% after its quarterly EBIT margin missed estimates, despite reporting better-than-expected quarterly results.Verizon Communications Inc dropped 2.2% after the U.S. wireless carrier lost more phone subscribers than analysts had expected.

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