Via Fox Business

Stocks traded higher on Tuesday on strong results from Coca-Cola and United Technologies as second-quarter results come in ahead of expectations.

The major markets pared gains after U.S home sales fell more than expected in June as a persistent shortage of properties pushed prices to a record high, suggesting the housing market was struggling to regain its footing since hitting a soft patch last year. The National Association of Realtors said existing home sales dropped 1.7 percent.

Investors also continue to brace for the Federal Reserve’s two-day meeting next week, where the central bank is widely expected to cut interest rates at least by 25-basis points.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 27244.42 +72.52 +0.27%
SP500 S&P 500 2989.39 +4.36 +0.15%
I:COMP NASDAQ COMPOSITE INDEX 8200.975538 -3.16 -0.04%

Meanwhile, the White House and Congress reached on Monday evening a deal to suspend the debt limit through July 2021 and increase spending caps for military and nonmilitary programs for the next two years.

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On the earnings front, Coca-Cola netted profits of 63 cents per share in the three months through June, higher than analysts expected. Overall, revenue grew 6 percent to $10 billion, slightly above what Wall Street predicted.

Adjusted net income at United Technologies Corp. grew to $2.20, beating estimates of $2.05 per share, while revenue rose 17.5 percent to $19.63 billion. The Farmington, Connecticut-based firm now expects full-year profits to hit as high as $8.05 per share.

Ticker Security Last Change %Chg
KO COCA-COLA COMPANY 53.79 +2.57 +5.02%
UTX UNITED TECHNOLOGIES CORPORATION 134.79 +1.84 +1.39%
INTC INTEL CORPORATION 51.41 +0.07 +0.13%
AAPL APPLE INC. 207.71 +0.49 +0.24%
BIIB BIOGEN INC. 244.50 +12.02 +5.17%
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Intel gained after a report that Apple is in advanced talks to buy its smartphone-modem chip business.

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And at Biogen, profits in the second quarter rose to $9.15 per share, significantly topping analyst expectations of $7.53 per share. The biotech firm also raised its full-year profit outlook to a high of $30.40 per share.