US STOCKS-Wall St boosted by upbeat earnings

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* Coca-Cola gains lift consumer staples
* United Tech gains on quarterly profit beat
* Trump, U.S. Congress leaders reach deal on debt limit
* Indexes up: Dow 0.35%, S&P 0.29%, Nasdaq 0.15%

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By Amy Caren Daniel
July 23 (Reuters) - U.S. stocks rose on Tuesday, boosted by
upbeat earnings and forecasts from Coca-Cola and United
Technologies, while a two-year debt ceiling and budget deal
between President Donald Trump and Congress buoyed sentiment.
Coca-Cola Co KO.N shares rose as much as 5.7% to hit a
record high, after the fizzy drink maker beat quarterly earnings
expectations and raised its full-year organic revenue forecast.
Fellow Dow component United Technologies Corp UTX.N gained
1.5%, after raising its full-year profit and sales outlook.
"Earnings have been coming in above expectations which is
good, but we are still very early in the reporting season so we
have to wait and see how it progresses," said Michael Geraghty,
equity strategist at Cornerstone Capital Group in New York.
"Another positive for markets is that a deal has been
reached on the U.S. debt ceiling, which is a relief, because if
there was no deal it would be a very unpleasant situation."
The deal will help avert a feared government default later
this year, but add to rising budget deficits. The overall profits of S&P 500 companies are now expected to
rise about 1% in the second quarter, according to Refinitiv IBES
data, improving from a small decline estimated previously.
The International Monetary Fund lowered its forecast for
global growth this year and next, warning that more U.S.-China
tariffs, auto tariffs or a disorderly Brexit could slow growth
further. Hopes that the Federal Reserve will cut rates at its
policy-setting meeting next week to counter a slowing global
economy have helped Wall Street's main indexes scale new record
levels and put the S&P 500 just about 1% shy of its all-time
high.
At 10:45 a.m. ET, the Dow Jones Industrial Average .DJI
was up 94.04 points, or 0.35%, at 27,265.94, the S&P 500 .SPX
was up 8.79 points, or 0.29%, at 2,993.82. The Nasdaq Composite
.IXIC was up 12.56 points, or 0.15%, at 8,216.70.
Travelers Cos Inc TRV.N fell 2.5% after the insurer's
second-quarter profit missed estimates, as weather-related
losses led to an 18% drop in underwriting gain. Hasbro Inc HAS.O jumped 7.1% and was the biggest gainer
among S&P 500 companies, after the toymaker reported
better-than-expected quarterly revenue. Advancing issues outnumbered decliners by a 1.77-to-1 ratio
on the NYSE and by a 1.15-to-1 ratio on the Nasdaq.
The S&P index recorded 16 new 52-week highs and three new
lows, while the Nasdaq recorded 34 new highs and 81 new lows.