S&P, Dow hit record highs as Apple climbs

US stocks open lower amid earnings reports

Wall Street had opened lower from record highs for the Dow Jones Industrial Average and S&P 500, and European equities were also lower in afternoon trading.

The Nasdaq Composite was up 13.91 points, or 0.22 percent, at 6,397.68.

At 12:38 p.m. ET (1638 GMT), the Dow Jones Industrial Average was up 24.61 points, or 0.11 percent, at 22,117.42, the S&P 500 was up 2.04 points, or 0.08 percent, at 2,478.87.

Fishery, agriculture and forestry, iron and steel and miscellaneous shares comprised those that gained the most in the opening minutes of trade.

Banks and technology stocks were among the big gainers Tuesday, offsetting losses among health care and consumer-focused companies.

Nearly nothing happened today, but nothing hasn't been enough to keep the S&P 500 and Dow Jones Industrial Average from hitting news all-time highs. "I think it's dragging the broader market higher", he said.

Macy's, Kohl's, JC Penney are expected to report results this week, with Wal-Mart, Target due next week.

The S&P hasn't had a move of more than 0.5 percent since July and has fallen more than 1 percent only twice this year.

The energy sector led the laggards with a 0.9 percent drop as oil prices edged lower on a rebound in production from Libya's largest oil field, along with worries about higher output from OPEC and the United States. It is ending the session up 4.08 points or 0.16% to 2480.91.

Investors continued to concentrate on corporate earnings Monday.

Aviation electronics company Rockwell Collins climbed 5.4 percent after Reuters reported that rival United Technologies made an offer to buy it.

According to data from FactSet last week, earnings in the second quarter grew 10.1 per cent for the S&P 500, higher than the estimated earnings growth rate of 6.4 per cent.