US stocks rebound to snap multisession downfall
|Worrisome declines in Turkey’s currency and the risk-off mood seems to have moderated, helping major US equity indices to snap multisession downfall.
The Turkish Lira recovered some of its recent lost ground, surging as much as 8% at its peak against the US Dollar after the country's central bank pledged to provide the liquidity to financial institutions and ease pressure on the currency.
Markets also took cues from upbeat results from Home Depot. The home improvement retailer reported better-than-expected second-quarter results and also raised its full-year earnings forecast, which helped lift investor sentiment.
Adding to this, a mostly positive tone surrounding shares of the so-called FAANG group of companies provided an additional boost to the broader markets and remained supportive of the positive move during the opening hour of trade.
At the time of writing this report, the Dow Jones Industrial Average gained nearly 80-points to 25,268, while the broader S&P 500 Index added over 11-points to 2,833 and tech-heavy Nasdaq Composite Index climbed around 26-points to 7,846.
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