S&P 500 rallies toward record close after strong earnings from broad range of companies

The S&P 500 headed for a record close on Tuesday as Wall Street cheered stronger-than-expected quarterly profits from some of the largest publicly traded U.S. companies.

The Dow Jones Industrial Average and Nasdaq Composite also traded higher, gaining 155 and 1.2%, respectively. The tech-heavy Nasdaq was also headed for a record close. Defense giant Lockheed Martin also rallied more than 6% after its earnings easily topped expectations. The company reported strong operating margins across all its major businesses, which include aeronautics and missiles.

So far, the results have largely topped expectations. More than 78% of the S&P 500 companies that have reported have surpassed analyst expectations, according to FactSet data.

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