GLOBAL MARKETS-U.S. stocks edge up near record highs, oil falls

  • Reuters
  • Stock Market News
GLOBAL MARKETS-U.S. stocks edge up near record highs, oil falls
Credit: © Reuters.

* Safety trades unwound after Turkey coup bid crushed

* Turkish lira rebounds but local stocks plummets

* Oil prices fall over 1 pct on supply concerns

* SoftBank deal to buy ARM buoys U.S., European stocks (Updates market action, add quotes)

By Richard Leong

NEW YORK, July 18 (Reuters) - U.S. stock prices rose on Monday, with the Dow Jones Industrial Average and S&P 500 hovering near record highs amid upbeat company earnings, while oil fell on worries about growing supply and traders brushing off a failed coup in Turkey.

As Turkish authorities sought to retaliate for a bid by a faction of the armed forces to seize power, traders pared safe-haven holdings of yen, gold and low-risk government bonds. now on to the next shiny new object and that's earnings season," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "As long as companies beat earnings estimates, investors will feel comfortable buying stocks."

Bank of America (NYSE: BAC ) BAC.N , the No. 2 U.S. bank by assets, and fellow S&P 500 component Hasbro HAS.O posted better-than-expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week.

The Dow Jones industrial average .DJI was up 20.68 points, or 0.11 percent, to 18,537.23, the S&P 500 .SPX was 6.33 points, or 0.29 percent, higher at 2,168.07 and the Nasdaq Composite .IXIC added 31.00 points, or 0.62 percent, at 5,060.58. SoftBank Group's 9984.T $32 billion deal to buy British chip designer ARM Holdings ARM.L briefly lifted European equities to a three-week high. FTSEurofirst 300 .FTEU3 index ended 0.2 percent higher at 1,338.06.

The MSCI world equity index .MIWD00000PUS , which tracks shares in 45 nations, rose 0.92 point or 0.2 percent, to 412.15.

Turkish stock prices .XU100 , however, were down 7 percent.

Selling in oil futures was stoked by reduced worries about widening political instability in the Middle East as the coup bid in Turkey ended. Downward price pressure persisted on fresh U.S. supply data.

Brent crude LCOc1 settled down 65 cents, or 1.37 percent, at $46.96 a barrel. U.S. crude CLc1 ended 71 cents, or 1.55 percent, lower at $45.24 per barrel. yen was down 1.3 percent against the dollar JPY= at 106.15 yen and 1.4 percent versus the euro EURJPY= at 117.53 yen as safe-haven trades tied to the coup attempt in Turkey were largely reversed.

The dollar index .DXY was little changed at 96.541.

The Turkish lira TRY= recovered after posting its biggest one-day drop against the greenback since October 2008 on Friday when news of the coup attempt broke, according to Reuters data. It was last up 1.75 percent at 2.9660 lira. gold prices XAU= fell $8.65 or 0.65 percent, to $1,328.80 an ounce. concerns about Turkey's stability have abated for now, yields on 10-year U.S. and German government debt slipped on expectations the European Central Bank may embark on more stimulus to help the region's sluggish economy. 10-year Treasury yield US10YT=RR was down 1 basis point at 1.585 percent, and the 10-year Bund yield DE10YT=RR down 3 basis points at -0.023 percent.

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