It and the S&P 500 have risen in four of the last five days.
RegentAtlantic research director, Andy Kapyrin: SOUNDBITE: REGENTATLANTIC RESEARCH DIRECTOR, ANDY KAPYRIN (ENGLISH) SAYING: "Today's market action I think actually has a lot to do with Target because in addition to suggesting that Target and the legacy retailers can compete with Amazon on even terms, it also suggests that the consumer is fundamentally healthy." Leading the S&P's list of gainers: Target.
The discount retailer's shares catapulted to a record high.
Its quarterly profit shot up 17%, crushing analysts' forecasts.
It also raised its full-year profit forecast.
Expanding same-day pick-up services attracted new customers and turbocharged digital sales.
Lowe's shares also rose in double digits.
Like archrival Home Depot, focusing on higher-spending customers helped the home improvement chain drive quarterly profit past Wall Street's estimates.
Toll Brothers shares fell.
The luxury homebuilder's quarterly orders declined.
On Wednesday, US stocks rose. Investors reacted to positive coronavirus vaccine news. Shares of Moderna spiked after President Trump announced the US government will by 100 million doses of its coronavirus vaccine. Tesla shares jumped after the company announced a five-for-one stock split. Oil prices climbed after a report suggested that American crude stockpiles shrank last week.
The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a U.S. fiscal support bill. Fred Katayama reports.
On Monday, US stocks climbed 300-points. Investors warmed to President Donald Trump's weekend stimulus orders against China tensions and new coronavirus cases. On Saturday, President Trump signed executive actions extending coronavirus aid after Congress failed to come to an agreement last week. US-China tensions escalated when China imposed fresh sanctions on several members of Congress over Hong Kong.
The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar. Fred Katayama reports.
A prominent Wall Street strategist told CNBC the stock market may see a "wartime boom" next year following the US economy's "depression-like collapse." Jim Paulsen is one of a hand full of economists who have predicted US GDP could rebound strongly in the first quarter next year. Paulson said companies have cut down on costs and increase efficiencies to survive the collapse. "A lot of that boom will fall to the bottom line in a bigger way than people currently expect," Paulsen said.
Business Insider reports that banks' and tech giants' earnings largely impressed Wall Street. Bank of America says discount stores are set to post similarly positive results, according to Bank of America. BoA analysts expect the sector's second-quarter figures to hold strong thanks to rising food sales and improvement in general merchandise revenue. Thanks to momentum in higher-profit categories and successful online operations Walmart, Target, and Dollar Tree are in good positions.
Wall Street ended higher after a choppy session on Tuesday, but they were capped by declines in AIG and Microsoft. As Fred Katayama reports, Disney shares shot higher after its adjusted profit handily beat expectations.
Wall Street analysts on Wednesday weighed in on AMC Theatres' historic agreement with Universal Pictures that will allow the studio's movies to be made available on premium video-on-demand after just 17 days of play in cinemas.
Credit: The Hollywood Reporter Duration: 01:27Published
The S&P 500 ended slightly lower Thursday after briefly trading above its record closing high level for a second day, and the Dow also fell in the wake of a disappointing forecast from Cisco Systems. Fred Katayama reports.
National Securities' Art Hogan says people shouldn't change their long-term investment plans for the presidential election. He also tells Reuters' Fred Katayama they should hold tech and cyclical stocks amid the current market rotation.
Legendary analyst Byron Wien said the bear market and recession are over. Wien told Bloomberg news the S&P 500 may climb slightly higher but it will not be making any "major strides upward" this year. Byron is the vice chairman of Blackstone Private Wealth Solutions said the S&P 500 is "fully priced." He also applauded US technology companies for their creativity. According to Business Insider Wien said the US should be a manufacturer as well as an innovator to compete globally.
On Friday, Goldman Sachs lifted its 2020 S&P 500 earnings-per-share estimate. The move comes after better-than-expected second-quarter results. Business Insider reports that Goldman expects 2020 S&P 500 EPS of $130, from $115. That's about 21% lower than 2019. Goldman also thinks S&P 500 earnings will surge 30%, to $170 per share in 2021. The estimate is tied to Goldman's economic growth outlook.
Florida Governor Ron DeSantis on Thursday spoke about reopening schools and told reporters, "We spent months saying that there were certain things that were essential. That included fast-food restaurants. It included Walmart. It included Home Depot... if all that is essential, then educating our kids is absolutely essential."