Banks, tech lead market up

Real estate, phones also get boost

NEW YORK - Banks and technology companies took U.S. stocks higher Tuesday, and lessloved sectors including phone and real estate companies also climbed as companies continued to report strong secondquarter results.

Some of the largest gains went to companies and industries that have struggled this year, such as real estate investment trusts, or that have missed out on the gains entirely, including phone companies. Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research, said the shift is a good sign for the stock market.

“When people are willing to go out and do the proverbial bargain hunting in areas that have not outperformed as much, that shows confidence,” he said. “The broader the bull market becomes, the more sectors that participate, the more sustainable it becomes.”

The Standard & Poor’s 500 index rose 6.05 points, or 0.2%, to 2,476.35. The Dow Jones industrial average climbed 72.80 points, or 0.3%, to 21,963.92 — its fifth straight record close.

Banks helped lead the way. The top gainers included JPMorgan Chase, which rose $1.23, or 1.3%, to $93.03 and Citigroup, which added $1.15, or 1.7%, to $69.60.

Tech could be in for more gains Wednesday. Apple reported a strong quarter after the closing bell on Tuesday, and its stock rose 4.7% in afterhours trading.