Tech shares again lead market up

Technology companies helped lead stocks broadly higher on Wall Street on Tuesday, as strong earnings reports from several companies put investors in a buying mood.

The rally, which wavered briefly around midday, extended the benchmark S&P 500 index’s winning streak to five days.

Technology stocks, which have lagged the market in recent months, accounted for much of the rally. Apple added 1.7 percent to $174.18, while Microsoft climbed 1.4 percent to $107.22.

Financial-sector companies were among the biggest laggards.

Investors welcomed the latest batch of solid earnings reports from a range of U.S. companies, including luxury retailers Ralph Lauren and Estee Lauder and media company Viacom.

Ralph Lauren topped Wall Street analysts’ forecasts as it benefited from growth in Asia and Europe. More importantly, it raised its forecast despite worries about an economic slowdown hitting those regions. The stock jumped 8.4 percent to $124.16.

Estee Lauder, which said it expects growth in Asia, vaulted 11.6 percent to $152.02.

Viacom, an entertainment company that owns Comedy Central and Paramount Pictures, rose 3 percent to $30.33 after reporting earnings that also beat analysts’ estimates.

Not all companies boasted solid results. Higher spending on marketing and pressure from tariffs knocked profits down 68 percent at Church & Dwight, a major maker of household products. The results fell short of Wall Street’s forecasts, sending shares in the owner of the Arm & Hammer brand down 7.5 percent to $60.46.