US STOCKS-Wall Street rebounds as tech, financials surge

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* Apple jumps 2% ahead of earnings
* 3M slips on downbeat 2020 profit forecast
* U.S. consumer confidence rises in January
* Indexes up: Dow 0.81%, S&P 1.09%, Nasdaq 1.35%

(Changes comment, updates prices)
By Sruthi Shankar
Jan 28 (Reuters) - U.S. stocks rose on Tuesday as gains in
technology and financial sectors helped major indexes recover
from their worst selloff in about four months on worries over a
coronavirus outbreak and its impact on the global economy.
Markets across the world stabilized as the head of the World
Health Organization (WHO) said he was confident in China's
ability to contain the virus outbreak, which has killed 106
people in the country, prompted businesses to close operations
and curbed travel. The earnings season was gathering pace, with Apple Inc
AAPL.O set to report results after markets close. Its shares
rose 2.3%, recouping from a 3% drop on Monday amid a broader
market selloff.
Investors will keep a close watch on Apple's earnings amid
concerns of a disruption in iPhone production as the coronavirus
spreads across its major markets like China.
"We haven't seen the coronavirus massively spread and China
is doing everything they can to corral this virus," said Ryan
Detrick, senior market strategist for LPL Financial.
"Today is investors taking a look and realizing that
earnings season has been pretty good so far."
The S&P technology index .SPLRCT rose 1.8%, while
financial stocks .SPSY gained 1.4% as big banks rebounded.
Also helping the sentiment, a U.S. Conference Board consumer
confidence index rose to better-than-expected 131.6 points in
January. At 11:33 a.m. ET, the Dow Jones Industrial Average .DJI
was up 0.81% at 28,766.10. The S&P 500 .SPX gained 1.09% to
3,278.85 and the Nasdaq Composite .IXIC rose 1.35% to
9,262.51.
Earnings are now expected to show a decline of 0.4% for the
fourth quarter, according to Refinitiv data. Of the 104
companies that have reported, 68.3% have topped expectations,
although lagging the average rate of 74% from the past four
quarters.
Results were mixed on Tuesday, with U.S. industrial giant 3M
Co MMM.N sliding 5.7% after it forecast 2020 profit below
expectations as it faced sluggish demand in Asia. Pfizer Inc PFE.N fell 3.9% after the drugmaker reported a
lower-than-expected quarterly profit and a decline in revenue as
sales of its off-patent pain treatment Lyrica more than halved.
Shares in Xerox Holdings Corp XRX.N jumped 5.4% after it
forecast 2020 profit above Wall Street expectations.
Advancing issues outnumbered decliners by a 2.83-to-1 ratio
on the NYSE and a 2.48-to-1 ratio on the Nasdaq.
The S&P index recorded 23 new 52-week highs and three new
lows, while the Nasdaq recorded 54 new highs and 29 new lows.