Wall Street approaches record high on earnings optimism

REUTERS: The S&P 500 and Nasdaq approached record highs on Tuesday, lifted by upbeat quarterly reports from Coca-Cola and United Technologies, while a debt ceiling and budget deal between President Donald Trump and Congress also buoyed sentiment.

The two-year federal spending between Trump and U.S. congressional leaders would avert a feared government default later this year, but add to rising budget deficits. "If they disappoint on earnings, that could have a negative impact on share prices because they represent such a large portion of the market," said CFRA chief market strategist Sam Stovall.

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