Banks help lead markets’ gains

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

The Standard & Poor’s 500 index rose 6.05 points, or 0.2 percent, to 2,476.35. The Dow Jones industrial average climbed 72.80 points, or 0.3 percent, to 21,963.92. The blue chip index closed at a record high for the fifth day in a row. Nasdaq composite rose 14.82 points, or 0.2 percent, to 6,362.94. The Russell 2000 index of smaller-company stocks gained 3.19 points, or 0.2 percent, to 1,428.33.

Payment processors made hefty gains, while Sprint said it gained wireless subscribers and that it’s open to combining with a competitor or a cable company. Shares of Royal Caribbean Cruises, Xerox and shopping mall operator Simon Property Group all climbed. Industrial companies fell after disappointing results. General Motors and Ford slumped on weak July sales reports.

Some of the largest gains went to companies and industries that have struggled this year, like real estate investment trusts. 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.”

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

Intel rose as South Korean regulators signed off on its deal for Mobileye. Mobileye makes software that processes information from cameras and other car sensors to decide where an autonomous car should steer, and Intel agreed to buy it for $15 billion in March. Intel gained 88 cents, or 2.5 percent, to $36.35.

Tech could be in for more gains today. Apple reported a strong quarter after the closing bell Tuesday, and its stock rose 4.7 percent in afterhours trading. Apple reported earnings and revenue that far exceeded analysts’ forecasts, and issued a solid outlook for the fourth quarter, when the company is expected to release a 10th anniversary version of the iPhone.

Utility company Scana continued to rise after it said it will end construction of two nuclear reactors that customers have already paid billions to build. Scana shares rose $3.19, or 5 percent, to $67.56 on top of a 5 percent gain Monday.

Cruise line operator Royal Caribbean beat analysts’ forecasts and raised its estimates for the year. It climbed $3.8, or 3.4 percent, to $116.87, and competitor Carnival advanced 70 cents, or 1 percent, to $67.48.

Oil prices plunged after a six-day rally. U.S. crude shed $1.01, or 2 percent, to $49.16 a barrel in New York. Brent crude, the international standard, dropped 94 cents, or 1.8 percent, to $51.78 a barrel in London.

Bond prices climbed. The yield on the 10-year Treasury note dipped to 2.25 percent from 2.30 percent.