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US stocks finish higher in broad advance on strong corporate earnings

Last updated: 16:05 14 Aug 2018 EDT, First published: 13:20 14 Aug 2018 EDT

Wall Street

US stocks ended a four-day losing streak by finishing higher on Tuesday as strong earnings from retailers and banks scuppered the rout.

A bounce in the Turkish lira after a three-week long flogging helped bank stocks regain their footing. 

The Dow Jones Industrial Average index gained 0.45% to close at 25,326.

Backing the advance were stocks such as McDonald's Corp and DowDuPont. Shares of Citigroup, JPMorgan, Wells Fargo, Bank of America, and Goldman Sachs were likewise firmer.

The S&P 500 added 0.7% to settle at 2,841. The tech-laden Nasdaq gained 0.67% to end at 7,872.

The Russell 2000 index of small-cap stocks went up around 1% to conclude at 1,691.

In Canada, the S&P/TSX composite index rose 0.5% to finish at 16,330. 

1:20 PM: US stocks rise in a broad rally on strong corporate earnings

US stocks rebounded midday Tuesday after four straight days of losses on a strong set of earnings from retailers. A bounce in the Turkish lira after a three-week slide also helped bank stocks recover.

The Dow Jones Industrial Average index gained 112.42 points, or 0.45% to 25,300, led higher by McDonald's Corp, Walgreens Boots Alliance, and DowDuPont. Shares of Citigroup, JPMorgan, Wells Fargo, Bank of America, and Goldman Sachs rose between 0.20% and 1% signaling a recovery in bank stocks.

The S&P 500, meanwhile, added nearly 17.11 points, or 0.62% to 2,839, pushed up by Tapestry, Advance Auto Parts, and Nielsen Holdings. All 11 major S&P sectors were trading higher, with financials rising 0.63%.

Elsewhere, the tech-laden Nasdaq gained 49.27 points, 0.63% to 7,869 led higher by Seagate Technology Plc, O'Reilly Automotive Inc and Incyte Corp. 

The Russell 2000 index of small-cap stocks also inched up nearly 18.72 points, or 1.12% to 1,694.03.

10:00 AM: US stocks climb in morning trade as worries over Turkish crisis are pushed aside

US stocks picked up steam Tuesday as the improved performance of the Turkish lira helped to push markets higher in the morning period.

Early in the session, the Dow Jones Industrial Average index gained 38 points to hover at 25,225, led higher by Walgreens Boots Alliance, DowDuPont, Chevron, Walmart and Goldman Sachs.

The Big Board’s upward trajectory was helped by the rise of the Turkish lira which jumped 4.5% to trade at TL6.5379 against the US dollar. The currency buckled under pressure after investors grew wary about Turkish President Recep Erdogan’s command over his country’s finances and President Trump moved to double metal tariffs on the country.

The S&P 500, meanwhile, added nearly 7 points to 2,828, pushed up by Tapestry, Advance Auto Parts, Nielsen Holdings and Seagate Technology.

Elsewhere, the tech-laden Nasdaq clung closer to the baseline to add nearly 5 points to 7,824 while Toronto’s TSX climbed even further to jump nearly 27 points to 16,277.

The Russell 2000 index of small-cap stocks also inched up nearly 8 points to hover at 1,683.

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