S&P 500 on Track for All-Time High

NEW YORK (AP) -- The S&P 500 index was on track for an all-time high Tuesday as big U.S. companies began turning in solid results for the first quarter, despite predictions for the worst quarter of earnings growth in years.

The most recent record for the benchmark index was set last September, shortly before the market took a nosedive in the fourth quarter that took the index almost 20% below that peak.

Big names including Hasbro, Lockheed Martin and Twitter all surprised Wall Street with strong profit and revenue. Analysts are watching corporate reports closely this week as they gauge whether first quarter earnings for U.S. companies will be as bad as predicted. Wall Street has been forecasting a contraction during the quarter.

Technology companies led the gains after software maker Cadence Design Systems beat Wall Street's forecasts and gave investors a better outlook for the year. Cadence rose 4.3% and Qualcomm rose 4.8%.

Consumer product companies followed Hasbro higher. Industrial stocks gained ground as Lockheed Martin and United Technologies surprised investors with solid earnings reports.

Homebuilder Pulte Group rose 3.7%, leading that sector higher after reporting a boost in new orders and solid earnings results. The Commerce Department also reported that new U.S. home sales increased 4.5% in March, marking the third straight monthly gain. KB Home rose 2% and Lennar rose 0.8%.

Energy companies continued riding a rising wave of oil prices, which are up 45% for the year. The latest increases are being pushed by the U.S. government's decision to further block Iranian oil exports, which could cut the global supply of oil. Concho Resources rose 1.4% and Cabot Oil rose 0.5%.

KEEPING SCORE: The S&P 500 index rose 1% as of noon Eastern Time and was slightly above its all-time closing high of 2,930.75, which was set on September 20.

The Dow Jones Industrial Average rose 0.7%, or 178 points, to 26,688. The Nasdaq composite index rose 1.3%.

BUZZING PROFIT: Hasbro surged 15.2% after the toy company reported strong growth in its various franchises, which include Transformers toys, which benefited from the hit movie "Bumblebee" and "Magic: The Gathering Arena." The turnaround comes as Hasbro and other toy makers recover from the bankruptcy of Toys R Us.

BUBBLING SALES: Coca-Cola surprised Wall Street with its beverage sales during the first quarter after it previously warned of slower growth this year.

The stock rose 2% after the world's largest beverage maker reported growth in revenue and profit that beat forecasts on sales of its signature soft drink, along with sports drinks and water.

The growth warning in February triggered the stock's worst sell-off in more than a decade.

TWEET STORM: Twitter surged 16.9% after surprising Wall Street by adding more users than analysts had expected during the first quarter. All those additional thumbs texting away brought in more advertising sales and pushed revenue 18% higher.

The company beat forecasts for gains in both monthly and daily users.

There were some disappointing aspects to its quarterly report. Profit, which included a hefty tax benefit, fell short of forecasts. Looking ahead, the revenue forecast for the current quarter is mostly shy of what Wall Street expects.

LOCKHEED DELIVERS: The aerospace and defense company rose 6.7% after raising its forecast for the year on a solid outlook for jet and arms production. Profit and revenue results for the most recent quarter also beat analysts' forecasts.

The company cited its F-35 fighter jet program as a key factor in its record backlog. Missiles and sales of other arms surged during the quarter.