(Reuters) - U.S. stock indexes rose on Tuesday as upbeat quarterly reports from a clutch of companies boosted earnings optimism and bank stocks rebounded after Turkey’s currency snapped its three-week slide.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 24, 2018. REUTERS/Brendan McDermid
Turkey's lira recovered after the country's central bank moved to ease pressure on the currency, triggering a surge of as much as 7 percent to 6.4 per U.S. dollar TRYTOM=D3.
Shares of U.S. lenders - Citigroup (C.N), JPMorgan (JPM.N), Wells Fargo (WFC.N), Bank of America (BAC.N), Goldman Sachs (GS.N) - rose between 0.2 percent and 0.7 percent.
“The Turkey currency crisis isn’t going to grow any bigger (and) the markets are good at pricing things like this,” said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.
“The spate of earnings today has people focusing back on what matters and that is U.S. economic data and earnings reports.”
Tapestry (TPR.N) jumped 9.7 percent, the most on the S&P index, after strong sales of its Kate Spade handbags helped the company’s full-year forecast top analysts’ expectations.
Advance Auto Parts (AAP.N) rose 7.5 percent after the company beat quarterly profit estimates and announced a new share buyback program.
The second-quarter earnings season is tapering down. Of the 455 companies in the S&P 500 that have reported so far, 79 percent have beaten analysts’ estimates, according to Thomson Reuters I/B/E/S.
At 9:51 a.m. EDT the Dow Jones Industrial Average .DJI was up 46.60 points, or 0.19 percent, at 25,234.30, the S&P 500 .SPX was up 8.22 points, or 0.29
