Investing.com – U.S. stocks closed higher on Tuesday as investors piled into equities amid bullish expectations that companies are set to reveal solid third-quarter results ahead of the start of corporate earnings season.
The Dow Jones Industrial Average closed higher at 22,830.68. The S&P 500 closed 0.23% higher while the Nasdaq Composite closed at 6587.25, up 0.11%.
Shares of Walmart surged nearly 5% lifting the broader market higher after the retailer announced a $20 billion buyback and reiterated its earnings outlook for the current fiscal year amid competition from Amazon (NASDAQ:AMZN).
Technology stocks, however, capped upside momentum as FANG stocks – an acronym referring to Facebook (NASDAQ:FB) Amazon, Netflix (NASDAQ:NFLX) and Google (NASDAQ:GOOGL) – ended the session in negative territory. Some analysts suggested that investors are keeping their powder dry ahead of earnings from bellwether companies like Facebook.
“I don’t think we’re going to see major moves to the upside or the downside until earnings, because people are waiting to see where major companies like Facebook, come in, but there is optimism.”
On the geopolitical front, investors cheered news that Catalan leader Carles Puigdemont asked the Spanish parliament to suspend results of independence referendum that was marred by scenes of violence against voters.
Puigdemont asked parliament to suspend the effects of Catalonia voting "yes" for independence to hold talks with Spain.
'Bulls and Bears' on Wall Street
The top Dow gainers for the session: Wal-Mart Stores Inc (NYSE:WMT) up 4.5%, Caterpillar Inc (NYSE:CAT) up 1% and Coca-Cola Company (NYSE:KO) up 1%
UnitedHealth Group Incorporated (NYSE:UNH) down 0.8%, Cisco Systems Inc (NASDAQ:CSCO) down 0.6% and Procter & Gamble Company (NYSE:PG) down 0.5%, were among the worst Dow performers of the session.