New York CNN Business —  

The Dow and US stocks closed higher on Tuesday, finishing a day of global markets in the green across the board.

The Dow (INDU) closed 0.7%, or 177 points, higher, while the S&P 500 (SPX) and Nasdaq Composite (COMP) finished 0.7% and 0.6% up, respectively.

The three benchmarks are approaching records again, with the Dow closing just 10 points below its most recent all-time high. The S&P is 0.3% below its most recent record and the Nasdaq is off by only 0.1%.

The positive momentum comes on the back of better-than-expected corporate earnings. The US earnings calendar is packed on Tuesday, including Coca-Cola (KO) and Lockheed Martin (LMT), which reported before the open. After the bell, earnings of Visa (V), Chipotle (CMG) and Snap (SNAP) are due.

The deal between Congress and President Donald Trump to avoid a budget showdown and expand the debt ceiling is also helping sentiment. On top of that, the Fed’s expected rate cut next week is also lending support to stocks.

However, stock gains might be limited ahead of Friday’s second quarter US GDP report, as investors wait and see how the American economy performed last quarter.

Elsewhere, the British FTSE 100 (UKX) closed 0.6% higher, while the British pound is down 0.3% at $1.2436 after Boris Johnson won the Conservative leadership contest in the UK. He will replace Theresa May as Prime Minister when she steps down on Wednesday.