Dow hits record on the back of Coca-Cola, 3M earnings, S&P 500 is flat

The Dow Jones Industrial Average reached a new intraday record on Tuesday, boosted by strong earnings reports from companies such as Coca-Cola and 3M, while the S&P 500 was relatively unchanged.

The 30-stock index was last higher by 322 points, or 0.7%, but the broad market S&P 500 rose 0.1%. The tech-heavy Nasdaq Composite lagged, falling 0.1%.

Coca-Cola and 3M supported the Dow's move after their latest releases surpassed Wall Street's estimates, with the two jumping 3% and 5%, respectively. Fellow old economy stock General Motors soared 15% after it hiked its guidance for the full year and topped estimates. The Detroit automaker also lowered its estimated impact from President Donald Trump's tariffs for the year, saying that it expects to offset about 35% of that hit.

Meanwhile, other names like Zions Bancorp were 2% higher after the regional bank reported third-quarter profits that rose from a year ago, despite the disclosure of some bad loans late last week that sparked a broader market rout.

"This is a good sign that big multinational stocks are posting better than expected results," said Louis Navellier, founder and chief investment officer at Navellier & Associates. "This essentially means the Q3 announcement season is off to a strong start and that we are going to have a great year-end rally."

Investors are monitoring a crucial week ahead for third-quarter earnings, which are revving up with Netflix set to report after the bell Tuesday and Tesla due Wednesday. A strong start to the earnings season so far appears to be supporting the broader market rally, particularly amid an economic data blackout due to the government shutdown.