Wall Street jumped on Tuesday posting its strongest gain in three weeks as the worst of the panic over Turkey’s currency crisis abated and investors focused on a string of healthy earnings.

The Dow Jones Industrial Average added 112 points, or 0.45%, to 25,300, the S&P 500 rose 18 points, or 0.64%, to 2,840 and the Nasdaq Composite gained 51 points, or 0.65%, to 7,871.

Gains were widespread, with all 11 of the major sectors in the S&P 500 closing in positive territory.

 The Turkish lira rebounded a day after it plunged to an all-time low as the country’s central bank stepped in to ease pressure on the currency.

Financial shares reversed their course on easing Turkey fears, with the S&P financial sector closing up 0.9%. Investors also focused on second-quarter results.

Home Depot’s shares slipped 0.5% even as the company beat consensus estimates, reporting stronger-than-expected sales despite signs of a slowdown in the US housing market. Shares of rival Lowe’s Companies added 1.3%.

Coach handbag maker Tapestry reported a 31% jump in quarterly revenue. The company’s shares surged 12%.

Advance Auto Parts ended the session up 7.8%, with its stocks reaching a one-year high, after the company posted profit above estimates and announced a new share buy-back programme.

Tesla Inc’s shares fell 2.5% after the company said a special committee formed to negotiate taking electric automaker private had yet to see a firm offer from chief executive Elon Musk.

Shares of Yum China Holdings surged 4% on news of a potential takeover by China Investment Corp and DEP Capital.

Grocer Kroger announced it would partner with Alibaba Group to sell its private label products on the e-commerce giant’s Tmall platform in China. The stock closed up 2.4%.

In Asia, shares slipped on Wednesday in morning session even as recent worries over Turkey’s currency crisis moderated on the lira’s overnight gains.

In Japan, the Nikkei 225 drifted lower by 0.39%. Australian stocks erased earlier losses, with the S&P/ASX 200 edging up by 0.05%.

In China, the Shanghai Composite Index was down 0.66%, while Hong Kong’s Hang Seng Index added 1.18%.

Markets in South Korea and India will be closed on Wednesday.

Tags: ; ;