NEW YORK: Wall Street stocks rose early Tuesday, adding to records following another round of largely solid earnings from UPS, Hasbro and others.
While the results have not been universally good, most companies have outperformed and by and large, fears about higher costs dragging down profitability have not been realized.
"This is the first quarter in the entire cycle, that the market is really focused on margin pressures and supply chain disruptions and in guidance, but so far, so good," said Art Hogan, chief strategist at National Securities.
"For the time being, I think investors are able to look at the supply constraints as a temporary issue and the surging demand as the real driver for earnings growth in the future."
US stocks pause ahead of earnings from tech giants
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.2 percent at 35,807.82.
The broad-based S&P 500 gained 0.5 percent to 4,587.16, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 15,330.07.
Both the Dow and S&P 500 finished Monday at all-time records.
Among individual companies, Facebook dipped 0.8 percent following a mixed earnings report. The social media giant reported $9.2 billion in profits, topping estimates, but revenues fell short of expectations.
The company, which faces a storm of criticism over its handling of disinformation and other public policy questions, authorized $50 billion in share repurchases.
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