* J.C. Penney shares slide after bearish comments
* Indexes up: Dow 0.6 pct, S&P 0.85 pct, Nasdaq 1 pct
By Rodrigo Campos
NEW YORK (Frankfurt: HX6.F - news) , Feb 4 (Reuters) - U.S. stocks bounced back onTuesday, underpinned by sturdy corporate results, as the marketfought to regain its footing following its largest selloff inmonths a day earlier.
Monday's sharp decline, on the back of weaker-than-expectedU.S. data, concerns over growth in China and the outlook forsome emerging economies, opened the door for traders looking forbargains. Consumer and financial stocks were leading the gainson the S&P 500.
Investors have focused on macroeconomic data in the wake ofa rout in emerging market currencies, which triggered rate hikesby some central banks. That pressured stocks and bonds andforced investors to favor assets perceived as relatively safe,like the yen and U.S. and German government debt.
The price of protection against further drops on the S&P 500dropped 13 percent after hitting Monday its highest level in 13months. The CBOE Volatility Index was below 19.
"Yesterday was really the first concerted selloff,indiscriminate as to individual stocks," said Rick Meckler,president of investment firm LibertyView Capital Management inJersey City, New Jersey.
"With that type of selling going on, this morning you'reseeing some bargain hunters looking for oversold opportunities."
He said sectors that saw heavy selling despite stable profitpictures included financials and retailers, which were among theleaders in Tuesday's bounce-back.
Data on Tuesday showed new orders for U.S. factory goodsfell in December, but rose for a third straight month when thevolatile transportation sector was excluded.
The Dow Jones industrial average rose 92.35 points or0.6 percent, to 15,465.15, the S&P 500 gained 14.75points or 0.85 percent, to 1,756.64 and the Nasdaq Composite added 41.623 points or 1.04 percent, to 4,038.582.
Of the 277 companies in the S&P 500 that have reportedearnings so far this season, 69.3 percent have beaten analysts'profit expectations, while 65.2 percent have exceeded revenueexpectations, according to the latest data from Thomson Reuters (Frankfurt: TOC.F - news) .
Michael Kors Holdings Ltd reported a 77 percentjump in third-quarter profit as shoppers snapped up its handbagsand accessories, sending its shares up 18 percent to $90.43.
Bank shares were underpinned by U.S-traded shares of UBS and Itaú Unibanco, which rallied. Itaú,Brazil's largest private-sector lender, reported recordfourth-quarter profit that beat analysts' estimates. UBS (Xetra: UB0BL6 - news) swung to a larger-than-expectedfourth-quarter profit and announced higher dividends andbonuses.
Itaú ADRs rose 8.8 percent to $13.10 and UBS added 5.8percent to $20.33.
J.C. Penney Co Inc shares slid 9.2 percent to $5.16,reversing a steep gain in premarket trading. It reported amodest rise in quarterly comparable sales but gave no details onits gross profit margin, leading analysts to conclude it had toresort to bigger discounts during the holiday season. JPMorganand Sterne Agee cut the target price of the stock, JPMorgan to$5 from $6 and Sterne Agee to $3 from $9.
Shares of Yum Brands Inc rose 8.5 percent to $71.79after the KFC parent reaffirmed its 2014 profit outlook and saida resurgent bird flu in China had not hurt national sales in itstop market.
Furiex Pharmaceuticals (NasdaqGS: FURX - news) shares more than doubled inprice. The drugmaker said an experimental drug met the main goalof a pair of large clinical trials by significantly alleviatingdiarrhea and abdominal pain associated with irritable bowelsyndrome. Shares were up 132 percent at $106.70.
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