Business

Dow Jones hits another record as Caterpillar and 3M climb

NYSE traders Image copyright Reuters

Wall Street indexes closed higher again on Tuesday, propelled by strong quarterly earnings from companies such as Caterpillar, General Motors and 3M.

Financial and industrial firms helped drive the gains, propelling the Dow Jones to another record high.

The blue chip index ended at 23,441.76 after rising 167.8 points or 0.7%.

The S&P 500 index increased 4.15 points or 0.16% to 2,569.1, while the Nasdaq index climbed 11.57 points or 0.18% to 6,598.4.

Investors are digesting a flurry of corporate earnings, which have been strong this year amid global growth and been a factor in the long-running market rally.

On Tuesday, Dow component Caterpillar rose about 5% after the construction equipment maker's third-quarter results came in well ahead of expectations.

It also raised its full-year profit and sales forecasts.

Also boosting the Dow was 3M, the industrial giant whose products include Scotch tape and Post-It notes.

Shares in 3M rose 5.9% after it also reported strong third-quarter results and lifted its profit forecast.

Strong results from McDonald's led to shares in the burger chain rising 0.3%. Cheap offers on drinks and build-your-own-burger deals helped to lift same-store sales at its US restaurants by 4.1%.