August 14, 2018 / 7:08 PM / 9 months ago

US STOCKS-Wall St gains as earnings beat; Turkish lira rebounds

* Turkish lira rises, financial stocks up

* S&P 500 led higher by tech stocks

* Home Depot beats expectations, boosts Lowe’s

* Tapestry, Advance Auto Parts jump after results

* Indexes up: Dow 0.51 pct, S&P 0.67 pct, Nasdaq 0.59 pct (Updates to late afternoon, changes dateline to NEW YORK, changes byline)

By Stephen Culp

NEW YORK, Aug 14 (Reuters) - Wall Street stocks advanced and the S&P 500 was on track for its best day in three weeks on Tuesday as a rebound in the Turkish lira eased contagion fears and a string of healthy earnings boosted investor optimism.

Gains were widespread as the S&P 500 and the Dow Jones Industrial Average looked set to end their four-day losing streaks. Technology and financial stocks led all three major U.S. indexes higher.

The Turkish lira recovered some ground after plunging to an all-time low on Monday as the country’s central bank took steps to ease pressure on the currency.

Shares of U.S. banks reversed course on easing Turkey fears, with Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Goldman Sachs Group Inc rising between 0.8 and 1.4 percent.

Along with the lira rebound investors focused on second-quarter results.

“We’ve had pretty good earnings,” said John Brady, managing director at R.J. O’Brien & Associates in Chicago. “Home Depot is kind of the main earnings news today, the main driver.”

“There appears to be a cessation of rhetoric between the White House and Turkey and the markets are performing in line with that,” Brady added.

Home Depot Inc beat consensus estimates, reporting stronger-than-expected sales despite signs of a slowdown in the U.S. housing market. However shares of the home improvement chain - the first of the big-ticket brick-and-mortar retailers to post second-quarter earnings - were down 0.4 percent.

Shares of Home Depot’s smaller rival Lowe’s Companies Inc were up 1.1 percent.

The Dow Jones Industrial Average rose 127.73 points, or 0.51 percent, to 25,315.43, the S&P 500 gained 18.93 points, or 0.67 percent, to 2,840.86 and the Nasdaq Composite added 46.05 points, or 0.59 percent, to 7,865.75.

All 11 of the major sectors in the S&P 500 were in positive territory.

As second-quarter earnings season draws closer to the finish line, 458 companies in the S&P 500 have posted results, 79 percent of which beat Street consensus.

Tesla Inc’s shares dipped 1.1 percent after the electric automaker named a three-person committee to negotiate taking the company private, but said it had yet to see a firm offer from CEO Elon Musk.

Shares of Yum China Holdings Inc rose on news of a potential takeover by China Investment Corp and DEP Capital. The stock was last up 4.2 percent.

Coach handbag maker Tapestry Inc reported a 31 percent jump in quarterly revenue on strong demand for Kate Spade handbags, driven by publicity surrounding the designer’s unexpected death. The stock jumped 13.1 percent.

Advance Auto Parts Inc reached a one-year high, rising 7.6 percent after beating quarterly profit estimates and announcing a new share buy-back program.

In economic news, the July reading of its Business Optimism Index, the National Federation of Independent business posted its second-highest level in the survey’s history.

Advancing issues outnumbered declining ones on the NYSE by a 2.67-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.

The S&P 500 posted 23 new 52-week highs and three new lows; the Nasdaq Composite recorded 86 new highs and 71 new lows. (Reporting by Stephen Culp; Editing by Lisa Shumaker)

Nuestros Estándares:Los principios Thomson Reuters
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