Wall Street edged higher on Tuesday, led by technology and materials stocks, as the corporate earnings season kicked into high gear. Investors are also seeking more clarity on President Donald Trump's economic policies. "We are now in a phase where the policies need to come to fruition to justify the move we have seen in the post-election period," said Bill Northey, chief investment officer at Private Client Group of US Bank.
"I believe that the market's focus has shifted a bit back to fundamentals and the fourth-quarter earnings season, which at this point has started off on a reasonably positive note."
Profits of S&P 500 companies are estimated to have risen 6.6 percent in the latest quarter - marking the strongest growth in three years, according to Thomson Reuters I/B/E/S.
However, the Trump rally has contributed to somewhat lofty valuations. The S&P 500 is trading near 17.7 times forward 12-month earnings, compared with the 10-year median of 14.7.
At 11:05 am ET (1654 GMT), the Dow Jones Industrial Average was up 35.64 points, or 0.18 percent, at 19,835.49, the S&P 500 was up 5.22 points, or 0.23 percent, at 2,270.42 and the Nasdaq Composite was up 13.81 points, or 0.25 percent, at 5,566.75.
GM and Ford's stocks rose more than 1 percent, while Fiat Chrysler was up 5.5 percent.
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