US STOCKS-S&P 500, Dow gain on upbeat earnings reports; Facebook pressures Nasdaq

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* P&G, UTC gain on raising full-year forecasts
* Facebook falls as NY-led probe expands
* Biogen surges on reviving Alzheimer's drug
* Dow up 0.35%, S&P 500 up 0.23%, Nasdaq off 0.07%

(Updates to early afternoon)
By Shreyashi Sanyal and Arjun Panchadar
Oct 22 (Reuters) - The S&P 500 and Dow Jones indexes rose on
Tuesday, as upbeat earnings reports eased concerns over the
fallout from the fragile U.S.-China trade relationship, but
Facebook pressured Nasdaq after the company was hit with an
expanded New York-led probe.
The benchmark S&P 500 index still hovered above 3,000
points, and was within striking distance of a record high hit in
July, with Biogen Inc's BIIB.O 31% surge fueling the index.
The drugmaker announced a surprise plan to file for U.S.
regulatory approval for its Alzheimer's treatment. "I think the fact that we are encroaching on record
territory in the face of all these issues speaks to the
resilience of the domestic economy and more importantly the
companies in the U.S.," said Mike Loewengart, vice president,
investment strategy at E*TRADE Financial Corp.
Strong corporate earnings since last week have provided some
respite to equity markets, which were rattled over the past few
months by geopolitical worries and a slowing global economy.
Of the 98 S&P 500 companies that have reported results so
far, over 80% of them beat Street estimates, according to data
from Refinitiv. Still, analysts project the first earnings
contraction since 2016.
Procter & Gamble Co PG.N gained 3.3%, after raising
full-year forecasts and beating Wall Street estimates.
Harley-Davidson Inc HOG.N jumped 7%. The motorcycle maker
beat quarterly profit expectations, while United Technologies
Corp UTX.N gained 2.6% on a forecast raise. But shares of McDonald's Corp MCD.N slipped 4.1% and
Travelers Cos Inc TRV.N fell 7.1% on poor results.

The threat of tariffs on toys imported from China hit
toymaker Hasbro Inc's HAS.O quarterly profit as shipping and
warehousing costs soared. Its shares fell 15.3% and were the
biggest decliners among S&P 500 companies. Facebook Inc FB.O fell 3.5% after New York Attorney
General Letitia James said the state probe on allegations that
the company put consumer data at risk and pushed up advertising
rates has expanded to attorneys general from 47 states and
territories.
At 12:48 p.m. ET, the Dow Jones Industrial Average .DJI
was up 94.44 points, or 0.35%, at 26,922.08, while the S&P 500
.SPX rose 6.80 points, or 0.23%, at 3,013.52.
The Nasdaq Composite .IXIC was down 6.03 points, or 0.07%,
at 8,156.96.
Energy stocks .SPNY jumped 2%, clocking the biggest gain
among S&P 500 sectors, with oil majors Exxon Mobil Corp XOM.N
and Chevron Corp CVX.N leading gains.
Data showed U.S. home sales fell more than expected in
September as the market struggles with a dearth of properties
for sale, especially for cheaper homes.
Advancing issues outnumbered decliners by a 2.02-to-1 ratio
on the NYSE and by a 1.23-to-1 ratio on the Nasdaq.
The S&P index recorded 40 new 52-week highs and two new
lows, while the Nasdaq recorded 68 new highs and 60 new lows.