U.S. stocks rose as investors sifted through a batch of earnings reports. Benchmark Treasuries erased gains.
The S&P 500 Index closed above 3,000, with Apple Inc. rallying to a record as Morgan Stanley raised its target for the shares. Boeing Co. drove the Dow Jones Industrial Average higher after mapping out a sharp boost to the 737 Max plane’s output. Caterpillar Inc. climbed as traders welcomed its move to cut production. The Philadelphia Semiconductor Index tumbled almost 2% on Texas Instruments Inc.’s weaker-than-expected forecast.