U.S. stocks advanced, sending the Dow Jones Industrial Average to a five-year high, as companies including Pfizer Inc. and Valero Energy Corp. reported earnings that beat estimates.

Pfizer rose 3.1 as the drugmaker also forecast higher-than- expected full-year profit. Energy shares climbed as Valero reported a 20-fold gain in profit and Paul Singer’s Elliott Management Corp. urged Hess Corp. (HES) to consider a spinoff of its U.S. shale assets.