US open: Caterpillar, 3M results help Dow to new record

The Dow Jones Industrials Average is pushing further into record territory on the heels of a wave of better-than-expected corporate earnings updates.

At 1630 BST, the Dow Jones Industrial Average was standing 0.82% or 191.85 points higher at 23465.87, alongside a gain of 0.22% or 5.55 points for the S&P 500 to 2,570.53, while the Nasdaq Composite was adding 0.29% or 19.14 points to 6,605.97.

Stock in 3M, Caterpillar, GM and McDonald's were all putting on heavy gains after pleasing shareholders with their latest set of financials, with United Technologies one of the few exceptions, with its shares trading lower despite beating forecasts on the Street for its earnings per share.

From a sector standpoint, the best performance was being put in by the following industrial groups: Recreational products (4.70%), Aluminum (3.17%) and Leisure goods (2.16%).

The lone economic release on Tuesday was IHS Markit's manufacturing sector purchasing managers index for October, which printed at 54.5 - a 9-month high - following a reading of 53.1 for September.

In other asset classes, the yield on the benchmark 10-year US Treasury was stading fourbasis points higher at 2.41% and just off its highest mark since April.

Back on the corporate front, shares of industrial conglomerate 3M were rocketing after the firm beat analysts' forecasts for both profits and sales and bumped up its outlook for earnings.

GM was also standing higher despite reporting an enormous third quarter loss of $2.98bn or -$2.03 on a per share basis, versus $1.76 per share of profits a year ago. However, on an adjusted basis earnings per share came in at $1.32 (consensu: $1.11). Sales also fell by less than anticipated.

Shares of McDonalds were also wanted even after the fast food giant only managed to just meet analysts' estimates on both the top and bottom line.

Heavy equipment manufacturer Caterpillar was also on the up after the company said it was seeing stronger demand for its wares across many of its end markets.