Stocks rose on Tuesday as a rebound in the Turkish lira from an all-time low lifted investor sentiment.
The Dow Jones Industrial Average rose 112.22 points to close at 25,299.92, while the S&P 500 gained 0.6 percent to 2,839.96. Both indexes also snapped four-day losing streaks. The Nasdaq Composite advanced 0.7 percent, closing at 7,870.89.
Tech shares contributed to the gains as Apple and Amazon rose 0.4 percent and 1.2 percent, respectively. Meanwhile, bank stocks rose as Goldman Sachs, Citigroup and Morgan Stanley all closed more than 1 percent higher.
The lira rose about 8 percent to 6.36 after falling to a record-low 7.24 per dollar on Monday. The currency has been under pressure recently as market watchers became jittery over rising tensions between Turkey and the U.S. Last week, U.S. President Donald Trump said that he supported doubling metal tariffs on Turkey.
Jeremy Klein of FBN Securities thinks the recent decline in U.S. stocks related to Turkey's turmoil will be short lived. "Turkey is not a member of the European Union or the euro zone, so it has less hooks into the European banks, which means less trouble for us," said Klein, the firm's chief market strategist. "I think it will be well contained."
Tensions between the two countries intensified after a Turkish delegation left Washington last week with no apparent progress on the detention of U.S. pastor Andrew Brunson, who is charged with supporting a group blamed for an attempted coup in 2016.