By Amy Caren Daniel
(Reuters) - U.S. stocks rose on Tuesday, with the S&P 500 at a four-month high, as energy shares got a boost from higher crude prices and strong results from PepsiCo signaled a solid start to the earnings season.
PepsiCo's shares surged 3.9 percent and were poised for their biggest one-day jump in nearly seven years after the company's quarterly results topped estimates on strong sales of snacks.
The company also reaffirmed its full-year forecast amid signs of a gradual recovery in its soda business.
The energy index rose 0.62 percent as crude prices gained on growing supply disruptions in Norway and Libya, but gains were pared after the United States said it would consider requests for waivers from Iranian oil sanctions.
"The market is in a very optimistic mood. The economic data is very strong and the labor markets are strong, and companies are making a lot of money," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin.
"In the end eventually the trade war could impact things but right now the economic data and other things are too strong that they are overshadowing the trade war," Frederick said.
Wall Street rose for a fourth straight session. At 12:45 p.m. EDT, the S&P 500 was up 8.24 points, or 0.30 percent, at 2,792.45. The index reached a peak of 2,795.58, its highest since March 13.
Ten of the 11 S&P sectors were higher, led by a 1.20 percent gain in the utilities sector. The lone laggard were financials, off 0.39 percent after a 2.3 percent surge on Monday.
Cerner was the second-biggest loser on the S&P, falling 4.3 percent after Evercore ISI downgraded the stock to "underperform".
Declining issues outnumbered advancers for a 1-to-1 ratio on the NYSE and a 1.37-to-1 ratio on the Nasdaq.
The S&P index recorded 28 new 52-week highs and no new lows, while the Nasdaq recorded 88 new highs and 18 new lows.
(Reporting by Amy Caren Daniel in Bengaluru; Editing by Anil D'Silva)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)