The US markets ended higher on Tuesday even as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Fed is expected to announce plans to begin gradually scaling back its $120 billion in monthly bond purchases by mid-November or December. The language of the Fed's statement is likely to be in focus as traders look for clues about the outlook for interest rates amid concerns about the high rate of inflation. The strength that emerged on markets partly reflected recent upward momentum, as traders reacted to another batch of upbeat earnings news.
Athletic apparel maker Under Armour (UAA) moved sharply higher after reporting third quarter earnings that exceeded street estimates and raising its full-year outlook. Shares of Pfizer (PFE) also showed a strong move to the upside after the drugmaker reported better than expected third quarter results and raised its full-year guidance. Chemical maker DuPont (DD) also posted a standout gain after reporting third quarter results that exceeded expectations. DuPont also announced an agreement to acquire materials technology company Rogers Corp. (ROG) for $5.2 billion in cash.
Dow Jones Industrial Average surged 138.79 points or 0.39 percent to 36,052.63, Nasdaq rose 53.69 points or 0.34 percent to 15,649.6 and S&P 500 was up by 16.98 points or 0.37 percent to 4,630.65.
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