Stocks rise as Turkish lira steadies
Stocks rose Tuesday as investors turned from a currency crisis in Turkey to solid economic data and strong earnings. The dollar and Treasury yields extended gains.
Here's the scoreboard:Dow Jones industrial average: 25,296.43 +108.73 (+0.43%)
S&P 500: 2,841.04 +19.11 (+0.68%)
Nasdaq Composite: 7,870.47 +50.77 (+0.65%)
- After a sharp sell-off slashed more than a fifth of its value, Turkey's currency began to rebound. But structural issues behind the ailing economy and an escalating conflict between Washington and Ankara kept the lira near historic lows. Turkish President Recep Tayyip Erdogan said the country would boycott US electronic goods to retaliate against sanctions the Trump administration imposed earlier this month.
- Investors are still on edge with concerns the weakening lira could lead to economic turmoil in other emerging markets. Several currencies began to recover after weakening Monday. But the Indian rupee sold off for a second day, sliding past 70 per dollar to a record low.
- In a sign that rising borrowing costs haven't curbed American demand for credit, household debt in the US climbed to a record $13.3 trillion in the second quarter. That's up $454 billion from a year ago and marks a 16th consecutive month of increases.
- Cryptocurrencies spiraled to fresh 2018 lows. A broad sell-off has pressured the value of the digital currency market to below $200 billion for the first time this year.
- Earnings season rolls on. Home Depot beat Wall Street expectations after stronger-than-expected sales. Tapestry reported a 31% rise in revenue.
And a look at the upcoming economic calendar:
- The US reports retail sales and new housing construction numbers.
- Walmart, Macy's, Cisco, and Tencent report earnings.