* Wal-Mart, Home Depot, Macy's rise after results
* Popeyes up after Restaurant Brands agrees to buy company
* Kraft Heinz top drag on S&P after failed Unilever bid
* Indexes up: Dow 0.54 pct, S&P 0.53 pct, Nasdaq 0.37 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Feb 21 U.S. stocks hit record intraday highs on
Tuesday amid gains across sectors as strong earnings from top
retailers underscored the strength of the U.S. economy.
One in every six stocks on the S&P 500 hit a new 52-week
high as a rally sparked by President Donald Trump's promise of
tax reforms shows no sign of fading despite concerns around
"There is no doubt in anyone's mind that the market has
become over extended and is due for a pullback," said Quincy
Krosby, market strategist at Prudential Financial in Newark, New
"That said, when you have this kind of momentum, it is very
hard to sit on the sidelines."
In the one month of Trump's presidency, the S&P 500 hit
record intraday highs 10 times, gained 3.9 percent and surpassed
$20 trillion in market capitalization.
Robust earnings have added to the momentum. Overall profit
for S&P 500 companies is estimated to have risen 7.5 percent in
the latest quarter - the biggest rise since the fourth quarter
Wal-Mart's shares provided the biggest boost to the
Dow, rising 4 percent after the company reported
higher-than-expected U.S. sales.
Department store bellwether Macy's and home
improvement chain Home Depot rose after the companies
posted profits that topped estimates.
All 11 major S&P sectors were higher on Tuesday, led by a 1
percent gain in the energy index as oil prices rose.
At 11:01 a.m. ET (1601 GMT), the Dow Jones Industrial
Average was up 112.22 points, or 0.54 percent, at
20,736.27, the S&P 500 was up 12.59 points, or 0.53
percent, at 2,363.75 and the Nasdaq Composite was up
21.51 points, or 0.37 percent, at 5,860.08.
Popeyes Louisiana Kitchen jumped 19 percent to
$78.80 after Restaurant Brands agreed to acquire the
quick-service restaurant chain for $1.8 billion.
Kraft Heinz shares were the top drag on the S&P,
falling 3.3 percent after the company walked away from its $143
billion offer to buy Unilever, a day after the
Anglo-Dutch company rejected the proposal. Unilever's
U.S.-listed shares were down 8.4 percent.
Advancing issues outnumbered decliners on the NYSE by 2,054
to 797. On the Nasdaq, 1,570 issues rose and 1,128 fell.
The S&P 500 index showed 83 new 52-week highs and no new
lows, while the Nasdaq recorded 184 new highs and 16 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by