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DJIA Hits Record Close Near 47,000; Rosy Earnings from 3M/ Coca-Cola Boost Index; Techs Wane
US stocks were disoriented on Tuesday, in wake of the earnings beat of traditional blue-chip stocks like Coca-Cola (KO.US) and 3M (MMM.US). The DJIA hit an intraday record, surpassing 47,000 to peak at 47,125, and ultimately closed up 218 points or 0.5% at 46,924, marking a new closing high. The S&P 500 closed nearly flat, while the Nasdaq edged down 36 points or 0.2% to settle at 22,953.

In terms of earnings, General Motors (GM.US) expected next year's profits to surpass this year's, with last quarter's earnings being a major beat. The company also raised its earnings forecast and reduced the impact of tariffs, leading to a 15.7% surge in its stock price. 3M (MMM.US) and Coca-Cola (KO.US) both reported quarterly earnings beat, with their stock prices swelling 7.7% and 4.1%, respectively.

Techs deteriorated as US President Donald Trump mentioned that the anticipated talks with Chinese President Xi Jinping next week may not happen, creating uncertainty. Alphabet (GOOG.US) saw its stock price drop by 2.2% as competitor OpenAI launched its first AI browser, ChatGPT Atlas. Broadcom (AVGO.US) and Nvidia (NVDA.US) each slid by about 2% and nearly 1%, respectively.
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