Dow industrials closer to 22,000

Associated Press

NEW YORK

Banks and technology companies took U.S. stocks higher Tuesday, and less-loved sectors including phone and real-estate companies also climbed as companies continued to report strong second-quarter results.

Payment processors also made hefty gains, while Sprint said it gained wireless subscribers and that it’s open to combining with a competitor or a cable company. Royal Caribbean Cruises, Xerox and shopping-mall operator Simon Property Group all climbed, while athletic apparel maker Under Armour and industrial companies fell after disappointing results. General Motors and Ford slumped on weak July sales reports.

Some of the largest gains went to companies and industries that have struggled this year, such as real-estate investment trusts, or which have missed out on the gains entirely, such as phone companies. Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research, said the shift is a good sign for the stock market.

“When people are willing to go out and do the proverbial bargain hunting in areas that have not outperformed as much, that shows confidence,” he said. “The broader the bull market becomes, the more sectors that participate, the more sustainable it becomes.”

Banks helped lead the way. The top gainers included JPMorgan Chase, which rose $1.23, or 1.3 percent, to $93.03 and Citigroup, which added $1.15, or 1.7 percent, to $69.60.