S&P 500 continued its upward trend on Tuesday as better than expected quarterly results buoyed US equities. Traders' sentiment was also boosted by easing expectations for the ECB. S&P 500 gained 0.51% to trade at 1,401.35.Oil and gas as well as basic materials were the top-gainers among the industries included in the index. Among oil and gas companies, Alpha Natural Resources and Chesapeake surged 1.02% and 9.44%. Chesapeake reported record profits for Q2 and increased the amounts is plans to obtain from asset sales. Consumer goods sector also was strong, with Fossil rallying almost 32% after the company reported profits that beat analysts' estimates. At the same time, utilities and telecommunications retreated. FirstEnergy and Exelon slid 6.45% and 0.13%. On the downside was also Molson Coors Brewing, losing 0.5% after news that the company's profits plunged by 53% in Q2.