US STOCKS rise; S&P 500 nears record

U.S. stocks climbed on Tuesday, pushing the S&P 500 to within a percentage point from its all-time closing high.

The S&P 500 index  added 12.56 points, or 0.8%, to 1,653.02, with industrials pacing sector gains.

Tuesday, the International Monetary Fund trimmed its estimate on global growth to 3.1% this year, down from its 3.3% forecast in April. For the 2014, the fund sees global growth of 3.8%, also down 0.2% from the previous estimate.

More specifically, the IMF slashed its growth projection for Spain in 2014 to 0%, down from an earlier estimate of 0.7% expansion.

The benchmark indexes ran up to three-week highs as Alcoa Inc. started off the earnings season, with the aluminum manufacturer the first Dow member to report earnings for the second quarter.

Alcoa shares retreated 0.32% after the aluminum maker’s second-quarter adjusted earnings of 7 cents a share beat forecasts calling for 6 cents. Revenue fell to $5.85 billion, which met Wall Street estimates.

Also among corporate news, shares of Tesla Motors Inc. rose nearly 2.38% on news the electric-car maker will be added to the Nasdaq 100 index next week, replacing Oracle Corp., which is moving to the New York Stock Exchange.

Shares of Barnes & Noble Inc. rallied 5.15% after the bookstore chain said late Monday that its Chief Executive Officer William Lynch was stepping down, effective immediately.

Intuitive Surgical Inc. tumbled 17.54% in the wake of its weak second-quarter outlook issued late Monday. The robotic surgery pioneer said it sees second-quarter net profit of $160 million and revenue of $575 million, both below Wall Street’s estimates.

Kroger Co. climbed 2.49% on news that it will acquire another grocery chain, Harris Teeter Supermarkets Inc.

Firms including Yum! Brand, JPMorgan and Wells Fargo are set to report results later this week.

On Wednesday, the minutes of the June 18-19 Federal Open Market Committee meeting are slated to be released, and could hold clues as to when the Fed will begin reducing its bond-buying program. 

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