Dow, S&P 500 halt 4-session skid as Turkish lira angst takes a breather
U.S. stocks closed Tuesday’s session solidly in the green, halting a multiday tumble for the three main equity benchmarks, which advanced as Turkey’s currency slide abated, allowing investors to focus instead on a healthy domestic economy and strong corporate results. The Dow Jones Industrial Average DJIA, +0.45% rose 0.5% at 25,300 (on a preliminary basis), the S&P 500 index SPX, +0.64% added 0.6% to 2,839, with all 11 sectors of the broad-based index finishing in positive territory. Both the Dow and the S&P 500 had fallen in the past four sessions. The technology-laden Nasdaq Composite Index COMP, +0.65% meanwhile, finished with a 0.7% higher at 7,871. In corporate news, shares of Tesla Inc. TSLA, -2.46% ended 2.3% lower after CEO Elon Musk late Monday said in a tweet that he was working with Goldman Sachs and private-equity firm Silver Lake on the electric-car maker’s go-private plan. And shares of Shares of fashion retailer Tapestry Inc. TPR, +12.01% jumped 11% after the parent of Coach and Kate Spade reported fiscal fourth-quarter earnings. The day’s action was supported by a rebound in the Turkish lira USDTRY, -7.1260% which had fallen to a historic low against the dollar on Monday on intensifying concerns about the country’s economic health.
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