How major US stock indexes fared Tuesday, 7/16/2024

U.S. stocks rose to records after several big companies delivered better-than-expected profits for the spring. The S&P 500 climbed 0.6% Tuesday to top its all-time high set last week. The Dow Jones Industrial Average leaped 1.8% a day after setting its own record, and the Nasdaq composite added 0.2%. UnitedHealth Group drove the market after reporting stronger results than expected, while smaller stocks jumped amid a widespread rally that broadened beyond the Big Tech stocks that led for much of the year. A report showed sales at U.S. retailers held firmer than expected, but that didn’t dampen expectations for coming cuts to interest rates.