Went fishing with a friend today and somehow he managed to break the tip of one of my rods off. It broke about an inch off above the next eyelet and took about 2 inches off of the total length. I was planning on buying a new tip and gluing it on but was wondering if anyone had any other suggestions. The rod is a diawa presso and is 5'6 long.

I'm guessing this is an UL, maybe a multipiece. 

I would contact Daiwa US and ask about sourcing a new tip section from them (while you still can). 

You may not change the rod action that much with just a replacement tip-top, since it flexes through the length. 

I've never liked a rod with even 2 inches cut off its tip.

 

If you cannot get a new tip section for the rod this process works as well as any.  Original action is almost maintained, just a little added weight.  Hardly noticeable.  

 

https://www.rodbuilding.org/library/repair-oquinn.html