Solid earnings nudge stocks further into record heights

Developer Nile Niami’s Crestlloyd LLC filed for Chapter 11 on Tuesday, one day before a trustee’s sale of the mega-mansion had been scheduled.Solid earnings reports helped lift several major companies. United Parcel Service jumped 6.9% for the biggest gain in the S&P 500 as higher shipping rates helped the package delivery service easily beat analyst’s third-quarter profit forecasts. Hasbro rose 3.

Stocks have been pushing broadly higher as companies turn in much stronger profit reports for the summer than analysts had expected. “Right now, valuations are high and the market needs some reassurance from corporate earnings,” said Ernesto Ramos, chief investment officer in the U.S. for BMO Global Asset Management. “There are still plenty of risks out there, but the market is focusing on the good things right now.”

The S&P 500 rose 8.31 points to 4,574.79. The benchmark index has posted three weekly gains in a row and leads the other major indexes with a 21.8% gain this year. The Dow added 15.73 points to 35,756.88, while the Nasdaq inched up 9.01 points to 15,235.71.Technology stocks did much of the heavy lifting for the broader market. Chipmaker Nvidia led the way with a 6.7% gain. Healthcare stocks and a mix of companies that rely on consumer spending for goods and services also made solid gains.

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