US STOCKS-Stronger earnings, weak dollar lift Wall Street

* Boeing rises more than 2 percent after results

* Materials shares boosted by commodities, lower dollar

* Indexes up: Dow 1.4 pct; S&P 1.3 pct; Nasdaq 1.3 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to midday, changes byline)

By Leah Schnurr

NEW YORK, Oct 20 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) bounced back on
Wednesday on strong corporate earnings and raised outlooks,
while a decline in the U.S. dollar lifted shares related to
materials companies.

Delta Air Lines (DAL.N: ) and US Airways Group (LCC.N: ) jumped
after they reported strong profits, while Boeing Co (BA.N: )
buoyed the Dow after it boosted its full-year forecast. For
details see [ID:nN19134234][ID:nN20203615]

Materials shares led the broad market higher, with
Freeport-McMoRan Copper & Gold (FCX.N: ) gaining 2.8 percent to
$95.33 and the S&P materials index (.GSPM: ) rose 2.3 percent.
Commodities gained as the U.S. dollar dropped to a near 15-year
low against the yen.

The indexes’ gains came the day after stocks posted their
biggest loss in two months, suggesting investors thought
Tuesday’s slide was overdone.

While Tuesday’s selling came on a day of heavy volume — a
potentially bearish sign — the selloff was warranted, given
recent complacency in the market, said Scott Marcouiller, chief
technical market strategist at Wells Fargo Advisors in St.
Louis.

“I take it as a healthy thing. It’s showing there’s fear in
the marketplace,” said Marcouiller. “Now we’re testing the
market to see, can it sustain this rally all day? If it
doesn’t, it just means we’ve got a little more work to do.”

The Dow Jones industrial average (.DJI: ) gained 157.35
points, or 1.43 percent, to 11,135.97. The Standard & Poor’s
500 Index (.SPX: ) rose 15.68 points, or 1.34 percent, to
1,181.58. The Nasdaq Composite Index (.IXIC: ) climbed 31.13
points, or 1.28 percent, to 2,468.08.

Part of the complacency has come from expectations the
Federal Reserve will mount further efforts to bolster the
economy. Investors will be watching the Fed’s Beige Book,
expected at 2 p.m. (1800 GMT), for more clues of the central
bank’s thinking.

Eaton Corp (ETN.N: ) was among major industrial companies
that raised their profit forecasts for the rest of the year,
sending its shares up 3 percent at $85.90. [ID:nN20189184]

Earnings from the big banks were mixed. Wells Fargo & Co
(WFC.N: ) and US Bancorp (USB.N: ) reported higher earnings, but
Morgan Stanley (MS.N: ) (Read more about the money market today. ) reported a surprise loss. [ID:nN20138587]
[ID:nN20189694]

Wells Fargo rose 3.4 percent to $25.39 and US Bancorp added
0.2 percent to $22.86, while Morgan Stanley gave up 1.2 percent
at $25.09. Regional banks weighed on the KBW Bank Index (.BKX: ),
down 1 percent, after Marshall & Ilsley Corp (MI.N: ) reported a
larger-than-expected loss. Shares of Wisconsin’s largest bank
lost 7.3 percent to $6.44. [ID:nN20187897]
(Reporting by Leah Schnurr; Editing by Kenneth Barry)

US STOCKS-Stronger earnings, weak dollar lift Wall Street