05:18 PM EDT, 10/21/2025 (MT Newswires) -- The Dow Jones Industrial Average advanced for a third straight session to reach a new peak on Tuesday, buoyed by strong corporate earnings reports, while gold plunged after a record run this year.

The Dow rose 0.5% to 46,924.7, notching a new closing high. The S&P 500 ended just above the flatline at 6,735.4, while the Nasdaq Composite fell 0.2% to 22,953.7.

Most sectors ended in the red, led by utilities, while consumer discretionary saw the biggest gain.

In company news, 3M ( MMM ) shares jumped 7.7%, the biggest gainer on the Dow, after the company reported third-quarter results that topped analysts' estimates and raised its full-year earnings outlook.

Coca-Cola (KO) logged better-than-expected fiscal third-quarter earnings, while the beverage giant's revenue matched Wall Street's estimates amid pricing and volume gains. The company's shares rose 4.1%, the second-best performer on the Dow.

General Motors ( GM ) lifted its full-year earnings outlook and lowered expected tariff headwinds, as the automaker's third-quarter results topped market estimates. Its shares jumped nearly 15%, the top gainer on the S&P 500.

"It seems that traders are still unwilling to give up on the key 'good news' narratives that have been prevalent over the past few weeks, despite signs of political and economic turmoil abroad," Macquarie said in a report on Tuesday.

Among the "good news" themes is that "US import tariffs did not punish corporate operating margins and profit growth significantly" in the third quarter, the firm said.

Market sentiment is also being driven by expectations of more policy easing by the Federal Reserve and that the US and China will eventually reach an agreement to prevent higher tariffs between the two countries, according to Macquarie.

Warner Bros. Discovery's ( WBD ) shares surged 11%, among the top S&P 500 gainers, after the media and entertainment giant said it is open to a potential sale as it initiated a review of strategic alternatives after receiving interest from "multiple parties."

Meanwhile, Warner Bros.' streaming service, HBO Max, said it will raise subscription prices across all plans.

Gold plunged 5.5% to $4,122 per troy ounce in Tuesday late-afternoon trade. Gold prices dropped as the dollar strengthened, D.A. Davidson said in a note.

The dollar index rose 0.3%.

Gold prices are up by more than 65% so far this year, propelling it to record levels, ING Bank wrote in a report. Gold rose on Monday as Saxo Bank said traders bought the dip following Friday's sharp selloff.

Silver slumped 7% to $47.79 per ounce.

US Treasury yields were lower, with the 10-year rate falling 2.2 basis points to 3.96% and the two-year rate dropping one 0.7 basis point to 3.46%.

The US federal government shutdown entered its 21st day Tuesday after the Senate once again rejected the House-passed short-term spending bill Monday, NBC News reported. Republican lawmakers were scheduled to meet with President Donald Trump at the White House Tuesday, according to the report.

On Monday, Trump and Australian Prime Minister Anthony Albanese signed a critical minerals framework, the White House said. Both countries aim to invest more than $3 billion together in critical mineral projects over the next six months.

The deal comes amid renewed tensions between the US and China after Beijing recently moved to restrict exports of rare earths minerals, prompting Trump to announce additional 100% tariffs on Chinese goods, effective Nov. 1.

On Monday, Trump said he expected to reach a fair trade deal with his Chinese counterpart, Xi Jinping, as they are likely to meet on the sidelines of an economic conference in South Korea next week, Reuters reported.

West Texas Intermediate crude oil was down 0.2% at $57.44 a barrel.