When I toiled as an overly caffeinated reporter on a large metropolitan newspaper, the transitory nature of our work was painfully apparent. Today’s morning edition was tomorrow’s fish wrap.

And I’m talking about print journalism, before the advent of the Internet. In the digital era, the news cycle is even faster.

Which brings me to Tuesday’s market action. Fears of Turkish contagion? As my newspaper’s managing editor would have put it: “That’s yesterday’s news, pal.”

Wall Street bounced back today following yesterday’s rout, as strong corporate earnings and unexpectedly healthy economic data from Germany pushed Turkey’s currency turmoil to the back pages. Weak data from China kept gains in check.

Turkey, Europe and China remain uncertainties but the second-quarter earnings season clearly remains robust, as exemplified by the latest results released by Home Depot (NYSE: HD).

This morning before the opening bell, Home Depot posted second-quarter operating results that crushed expectations. Earnings per share (EPS) came in at $3.05 versus expected EPS of $2.84. Revenue reached $30.46 billion versus expectations of $30.03 billion. Same-store sales climbed 8% globally versus an increase of 6.6%.

But Home Depot became yet another victim of excessive expectations, with HD shares slipping today by 0.26%. Analysts viewed as tepid the company’s forecast for the second half of the year. The company’s beat on earnings and revenue nonetheless underscored the resilient earnings momentum of corporate America.

Other companies today beat estimates on earnings, as my “Big Gainers” section below explains.

Meanwhile, investors quit panicking about the Turkish currency turmoil that triggered Monday’s sell-off. Turkey’s lira surged today after the country’s central bank pledged to provide enough liquidity to stave off a financial crisis. Since August, Turkey’s battered currency has lost 28% of its value against the U.S. dollar.

Turkey’s ballooning debt, the government’s gross mismanagement of the economy, and worsening relations with the U.S. have weighed on the lira.

Turkey’s President Recep Tayyip Erdogan announced Tuesday that the country of 81 million people would respond to U.S. steel tariffs by boycotting American consumer electronics, including the iPhone made by Apple (NSDQ: AAPL). But the Turkish dictator’s threat was offset by encouraging data from Germany.

Deutschland über alles…

The German government reported Tuesday that the country’s growth picked up more steam than expected in the second quarter. The German economy, the region’s largest, accelerated in the quarter despite new U.S. tariffs imposed on the European Union.

Germany’s second-quarter growth expanded by 0.5% compared to the previous quarter. That figure is up from the first quarter’s figure of 0.4%, which was revised upward Tuesday from the initial reading of 0.3% given in May. Economists had forecast a 0.4% increase for Q2.

As you can see from the chart, export-dependent Germany is the growth engine of Europe:

U.S. tariffs recently imposed on EU countries had fueled concerns that Germany would sputter and thereby drag down international trade. Today’s data was a welcome surprise for investors.

Wall Street has been spooked by President Trump’s particular animosity toward German auto exports. The president has been heard saying that he wants to wipe Mercedes luxury sedans off the streets of New York City. Automobile manufacturing is the lifeblood of the German economy; it’s also a point of pride in the national psyche.

Today’s statistics from Germany assuaged fears that tariffs would harm the country’s prosperity, but they were counterbalanced by less positive data from the world’s second-largest economy, China.

China’s National Bureau of Statistics reported today that Chinese retail sales, industrial output and urban investment in July all fell short of consensus expectations.

Annual retail sales growth rose by 8.8%, down from 9% in the previous month and missing projections of a 9.1% rise.

Growth in industrial output rose by 6%, versus the forecast of 6.3%, and urban fixed asset investment climbed by 5.5% over the period from January to July, compared to projected growth of 6%.

Much of the slowdown stemmed from Chinese government mandates designed to curb speculation, reduce high debt levels, and dampen home price inflation. Tit-for-tat tariffs also played a role by hindering trade activity and injecting uncertainty in business planning.

That said, U.S. and European growth rates remain on track. We’ll know more this Friday, with the release of the latest reading of U.S. leading economic indicators for July.

What are the biggest threats to stocks right now? A glance at the headlines will tell you: obtuse politicians who needlessly interfere with free trade and free markets.

It reminds me of a saying that we had in the newsroom, back in the day: “The only way for a reporter to look at a politician is down.”

Tuesday Market Wrap

• DJIA: 25,326.05 +138.35 (0.55%)
  
• S&P 500: 2,841.76 +19.83 (0.70%)
  
• Nasdaq: 7,872.19 +52.49 (0.67%)
  

Tuesday’s Big Gainers

• Xeris Pharmaceuticals (NSDQ: XERS) +18.24%

Biotech posts impressing operating results.

• Tapestry (NYSE: TPR) +12.01%

Luxury goods retailer beats earnings estimates.

• Advance Auto Parts (NYSE: AAP) +6.88%

Auto parts retailer beats on earnings, revenue.

Tuesday’s Big Decliners

• OptiNose (NSDQ: OPTN) -34.10%

Biotech disappoints on earnings.

• Switch (NYSE: SWCH) -24.39%

Cloud services provider trims guidance.

• ChemoCentryx (NSDQ: CCXI) -11.13%

Biotech cut to neutral by major analyst.

Letters to the Editor

“Is waste handling a good investment opportunity?” — Michael S.

You should consider the stocks of companies that handle the ever-growing mounds of refuse that the world is struggling to dispose of and recycle. The United Nations estimates that 27 billion tons of waste will be generated around the world by 2050 because of population growth and urbanization.

Questions about unstoppable investment trends? Drop me a line: mailbag@investingdaily.com

John Persinos is the managing editor of Investing Daily.