© Reuters. Traders work on the floor of the NYSE in New York
By Medha Singh
(Reuters) – Technology and consumer discretionary stocks lifted Wall Street on Tuesday, as upbeat results from Estée Lauder and Ralph Lauren (NYSE:) fueled earnings optimism, ahead of the highly awaited State of the Union address by President Donald Trump.
Leading gains on the was cosmetics maker Estée Lauder Cos Inc which jumped 12.21 percent, followed by luxury fashion group Ralph Lauren Corp’s 8.98 percent rise, after both their quarterly reports exceeded expectations.
Alphabet (NASDAQ:) Inc wrapped up FAANG earnings by posting better-than-expected quarterly revenue and profit. However, worries about sharply higher spending, sent its shares down 0.8 percent.
Google parent’s shares were the only FAANG stock in the red. A 1.4 percent rise in Apple Inc (NASDAQ:) boosted the technology index, while Amazon.com (NASDAQ:) Inc’s rise of 1.2 percent pushed the consumer discretionary sector higher.
“It’s been a pretty good earnings season, whether it’s top-line or bottom-line numbers — there’s still growth. The bar has been lowered and companies are able to step over the hurdle,” said Chad Oviatt, director of investment management for Huntington Private Bank in Columbus, Ohio.
“When you look at tech companies you see them forecasting growth and that can be seen from their capital spending plans which came out of the Google’s earnings report.”
Also helping the market was Boeing (NYSE:) Co’s 2 percent rise after the planemaker said it made a significant investment in supersonic business jet developer Aerion.
Following a turbulent end to 2018, U.S. stocks have had a stellar run this year with the benchmark S&P 500 and blue-chip Dow Industrials up about 9 percent, and the tech-heavy Nasdaq rising 11 percent.
The rally has been helped by a recent dovish stance from the Federal Reserve,