Stocks Up, S&P 500 at Record on Cost of Living Boost and Earnings

Stocks rose on Tuesday, with the S&P 500 closing at a record high, after the government reported the cost of living rose in June, while investor sentiment was also encouraged by solid earnings reports.The Dow Jones Industrial Average finished unofficially 61 points higher, the S&P 500 rose 9 points, or half a percent, to a record of 1983.53 and the Nasdaq added 31 points. The consumer price index rose 0.3 percent last month after a 0.4 percent rise in May, the Labor Department said. And a report from the National Association of Realtors said existing-home sales rose a better-than-expected 2.6 percent in June. Investors also cheered financial results from Verizon, Comcast and Chipotle Mexican Grill, but Coca-Cola shares fell after it reported a 3-percent fall in quarterly profit and McDonald's declined after the fast-food chain's earnings fell short of estimates.

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Markets 'more connected': Tomczyk 1:42


- Kate Gibson, Evelyn Cheng, CNBC