Stocks Higher As Dow Hits A Record Industrial Shares Lead

Stocks climbed near the best levels of the day Tuesday afternoon, as the Dow Jones industrial average led by a big margin and reached a record high.

[ibd-display-video id=2403245 width=50 float=left autostart=true]The Dow maintained its lead after 3M ( MMM ) and Caterpillar ( CAT ) surged on strong earnings reports and raised outlooks. 3M rallied nearly 8% and Caterpillar 4.5%, both hitting record highs. Combined, they accounted for about 80% of the Dow's 0.9% increase. That would be the industrials' best day since Sept. 11.

The Nasdaq composite and S&P 500 were up 0.2%. The Philadelphia semiconductor index jumped 0.5%, stretching an advance of more than two months now, and giving the technology-laden Nasdaq a boost.

Facebook ( FB ), a big piece of the composite, rose 0.9% as the social media bellwether tries to stay above its 50-day moving average. The small-cap Russell 2000 climbed 0.4%, while the Dow utilities average was down 0.3%.

With 3M and Caterpillar raising the flag for industrial stocks, others were breaking out of bases in today's trading . Machinery, steel, mining, tooling and transportation equipment were some of the best industry groups.

Lincoln Electric ( LECO ) cleared a 19-week base with a 98.07 buy point in average volume. The maker of welding, electrical and other industrial products had already topped the 93.58 buy point of a handle in its shallow cup-with-handle pattern three weeks ago, so the new entry is an alternate buy point.

Hubbell ( HUBB ) rallied past the 126.03 buy point of a long, odd-shaped flat base that also has elements of a saucer with handle. Volume was heavy as the manufacturer of electrical products beat profit expectations this morning but missed sales estimates.

Kennametal (KMT) rose above a 43.19 buy point in a cup-without-handle base, but volume was half the average. Pittsburgh-based Kennametal makes equipment for mining, construction, oil drilling, metalworks and other heavy industries. The company has been turning itself around after EPS fell for a couple of years. Analysts expect a 45% jump in earnings in the fiscal year ending next June.

Avangrid (AGR) broke out of a flat base as it leapt past the 49.14 buy point in more than double its usual volume. A diversified energy and utility company, Avangrid beat estimates with an adjusted profit of 40 cents a share for the third quarter, up 11% vs. a year ago. Revenue fell 5% to $1.34 billion.

Some health care, retail and gold stocks were among Tuesday's weakest.

3M Raises Outlook After Strong Q3 Earnings; Dow Stock Gaps To High

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