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* McDonald's, Travelers slip on downbeat earnings
* Facebook falls as State probe expands
* Biogen surges on reviving Alzheimer's drug
* Hasbro takes a hit from tariff threat
* Dow up 0.14%, S&P 500 up 0.09%, Nasdaq off 0.22%
(Updates market movement, adds comments)
By Shreyashi Sanyal and Arjun Panchadar
Oct 22 (Reuters) - The S&P 500 and Dow Jones indexes rose on
Tuesday, lifted by upbeat corporate earnings reports that eased
concerns over the fallout from the U.S.-China trade war, but a
decline in shares of Facebook hurt the Nasdaq.
The benchmark S&P 500 index, which continued to hold above
3,000 points, was within striking distance of a record high hit
in July, with Biogen Inc's BIIB.O 26.5% surge also boosting
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.
The wider healthcare index .SPXHC clocked the biggest
increase among the major S&P 500 sectors.
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 topped Street estimates. Still, analysts
project the first earnings contraction since 2016.
"So we have got dueling forces between what we are seeing on
earnings offset some moderating economic indicators and then we
overlay all that with the trade landscape and that's what's
driving markets today," Loewengart added.
Data showed U.S. home sales fell more than expected in
September as the market continues to struggle with a dearth of
properties for sale, especially for cheaper homes.
Procter & Gamble Co PG.N gained 3.8%, after raising
full-year forecasts and beating Wall Street estimates.
Harley-Davidson Inc HOG.N jumped 5.6% after beating
quarterly profit expectations, while United Technologies Corp
UTX.N gained 1% on a forecast raise. Shares of McDonald's Corp MCD.N slipped 3.4% 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 14.5% and were the
biggest decliners among S&P 500 companies. At 11:31 a.m. ET, the Dow Jones Industrial Average .DJI
was up 38.36 points, or 0.14%, at 26,866.00, while the S&P 500
.SPX was up 2.77 points, or 0.09%, at 3,009.49.
The Nasdaq Composite .IXIC was down 17.65 points, or
0.22%, at 8,145.33. Pressuring the index was a 2% decline in
shares of Facebook Inc FB.O .
New York Attorney General Letitia James said the state probe
of Facebook 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.
Advancing issues outnumbered decliners by a 1.51-to-1 ratio
on the NYSE. Declining issues outnumbered advancers for a
1.12-to-1 ratio on the Nasdaq.
The S&P index recorded 36 new 52-week highs and two new
lows, while the Nasdaq recorded 54 new highs and 47 new lows.