Wall Street powers ahead with earnings in full swing; Dow surges 580 pts

Johnson & Johnson higher after Q2 profit beat; Boeing rises on deal to set jets to 777 Partners; IBM falls on dollar impact warning

Wall Street's main indexes rose on Tuesday as the earnings season moves beyond big banks, with investors keeping a close watch on the impact of higher inflation on demand even as a stronger dollar dents profits.

A soaring U.S. currency led pharma major Johnson & Johnson to trim its annual adjusted profit view and IBM Corp to warn of a nearly $3.5 billion hit.

IBM's shares fell 6.6%, while J&J edged 0.9% lower.

"The stronger dollar becomes the issue and that is going to get a pass this earning season, because we'd be more concerned if there was a degradation of demand which