S&P 500 win streak marks 5th day on solid earnings

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

The rally, which briefly wavered 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. 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 companies Viacom and Walt Disney.

Halfway through the fourth-quarter earnings reporting season for U.S. companies, the results have come in broadly ahead of analysts’ forecasts. However, that growth is expected to slow in the months ahead.

“Big companies reported some really good results today,” said Lindsey Bell, an investment strategist at CFRA. “While the overall earnings season isn’t all that impressive versus the past four quarters, it’s still a pretty decent quarter.”

Tech stocks helped power the market’s gains. Apple added 1.7 percent to $174.18, while Microsoft climbed 1.4 percent to $107.22.

Investors continued to focus on corporate earnings, seeking clues to how companies gauge their prospects for higher profits amid signs of weaker global growth and uncertainty over the U.S.-China trade dispute.

The market got encouraging news from upscale clothing company Ralph Lauren, whose most recent results topped Wall Street analysts’ forecasts as it benefited from growth in Asia and Europe. More importantly, it raised its forecast despite some fears about an economic slowdown hitting Europe and Asia. The stock jumped 8.4 percent to $124.16.

Estee Lauder, which also reported better results and said it expects growth in Asia, vaulted 11.6 percent to $152.02.

Leggett & Platt was among the retailers whose shares surged Tuesday on strong earnings. The home furnishings company climbed 9.8 percent to $44.88.

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. Walt Disney’s latest quarterly report card also blew past expectations. The media giant, which issued its results after the market close, rose 0.8 percent to $112.66 in regular trading.