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Stocks Hit Record Highs After Wal-Mart Announces $20 Billion Buyback

Retail giant Wal-Mart announced a $20 billion buyback before the bell and reiterated its earnings outlook for the current fiscal year. Pfizer said it was thinking about selling or spinning off its consumer health-care business. Honeywell announced it plans to spin off its Home Products and Transportation Systems businesses into two separate public companies by the end of next year. This round of corporate news comes as most major companies get set to release their quarterly results.

by Fred Imbert

(CNBC) – U.S. stocks rose to record highs on Tuesday as Wall Street sifted through a slew of corporate news.

The Dow Jones industrial average hit a record high shortly after the open, rising 64 points. Wal-Mart contributed the most to the gains.

The Nasdaq composite also reached an all-time high, advancing 0.4 percent.

The S&P 500 gained 0.3 percent, with consumer staples rising 0.8 percent to lead advancers. The index also notched a record intraday high.

Retail giant Wal-Mart announced a $20 billion buyback before the bell and reiterated its earnings outlook for the current fiscal year. The company also said it plans to add 1,000 online grocery pick-up locations at its U.S. stores in fiscal 2019. The news sent the Dow component nearly 2 percent higher in the premarket.

Pfizer, another Dow component, said Tuesday it was thinking about selling or spinning off its consumer health-care business, which generates $3.4 billion in annual sales. Pfizer’s stock rose approximately 1 percent before the bell.

Meanwhile, Honeywell announced it plans to spin off its Home Products and Transportation Systems businesses into two separate public companies by the end of next year.

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