US STOCKS-Wall St rises as tech shares rebound after Huawei reprieve

* Philadelphia chip index set to snap 3-day losing streak
* Kohl's, J.C. Penney tumble as same-store sales disappoint
* Indexes up: Dow 0.72%, S&P 0.90%, Nasdaq 1.15%

(Updates to late afternoon trading, changes byline, adds NEW
YORK to dateline)
By April Joyner
NEW YORK, May 21 (Reuters) - Shares of technology companies
helped push Wall Street forward on Tuesday after the United
States temporarily eased curbs on China's Huawei Technologies Co
Ltd, alleviating investor concerns about pressure on future
corporate results in the sector.
U.S. President Donald Trump added Huawei HWT.UL to a trade
blacklist last week, leading several companies to suspend
business with the world's largest telecom equipment maker, a
move that could weigh on their sales. Chipmakers, many of which
sell to Huawei, bore the brunt of Monday's sell-off.
But late on Monday, the United States granted the Chinese
telecoms equipment maker a license to buy U.S. goods until Aug.
19. The development offered a reprieve to shares of
chipmakers, with the Philadelphia Semiconductor Index .SOX
gaining 2.1% in a bid to end a three-day slump.
Shares of Huawei suppliers such as Intel Corp INTC.O ,
Qualcomm Inc QCOM.O , Xilinx Inc XLNX.O and Broadcom Inc
AVGO.O rose between 1% and 4.5%.
Technology shares .SPLRCT rose 1.3% to add the most gains
to the S&P 500 among the benchmark index's major sectors.
"The groups that have been beaten up for the past couple of
days have gotten a reprieve," said Keith Lerner, chief market
strategist at SunTrust Advisory Services in Atlanta. "Huawei
cast a cloud over tech. It's so broad-based in how many
companies connect with it."
The Dow Jones Industrial Average .DJI rose 185.87 points,
or 0.72%, to 25,865.77, the S&P 500 .SPX gained 25.69 points,
or 0.90%, to 2,865.92 and the Nasdaq Composite .IXIC added
88.86 points, or 1.15%, to 7,791.24.
Even with Tuesday's gains, the S&P 500 is still on track to
post its biggest monthly decline of the year. The index is now
3% away from its all-time high on May 1 as it has been pressured
by mounting concerns about a prolonged U.S.-China trade war.
Among the S&P 500's major sectors, only defensive consumer
staples shares .SPLRCS were trading lower, down 0.2%.
Shares of Kohl's Corp KSS.N and J.C. Penney Co Inc JCP.N
plunged after the two department stores' quarterly results
missed expectations.
Kohl's shares dropped 11.1%, the largest decline among S&P
500 companies, after the retailer cut its full-year profit
forecast and reported quarterly same-store sales and profit that
missed expectations.
Shares of rival J.C. Penney Co Inc JCP.N fell 8.7% after
the company also reported a bigger-than-expected fall in
quarterly same-store sales. With over 460 of S&P 500 companies having posted
first-quarter results, 75.2% have topped analysts' profit
expectations. Analysts now expect first-quarter earnings growth
of 1.4%, a sharp turnaround from the 2% loss expected on April
1, according to Refinitiv data.
Advancing issues outnumbered declining ones on the NYSE by a
3.42-to-1 ratio; on Nasdaq, a 2.29-to-1 ratio favored advancers.
The S&P 500 posted 38 new 52-week highs and five new lows;
the Nasdaq Composite recorded 53 new highs and 72 new lows.