Markets Right Now: Big gains by retailers lead stocks higher

Markets Right Now: Big gains by retailers lead stocks higher

byAssociated Press21 August 2019 16:10-04:00

(AP) — The latest on developments in financial markets (all times local):

4 p.m.

Stocks are closing higher on Wall Street as investors applauded encouraging quarterly results from major retailers.

Target soared 20% Wednesday after releasing earnings that blew past analysts’ expectations. Lowe’s also jumped 10% after its results also beat forecasts.

Technology companies accounted for a big share of the gains. Microsoft and Apple each rose 1.1%.

Traders had a muted reaction to minutes from the Federal Reserve’s policy meeting last month. Officials were divided in their decision to cut interest rates for the first time in a decade.

The S&P 500 rose 23 points, or 0.8%, to 2,924.

The Dow Jones Industrial Average added 240, or 0.9%, to 26,202. The Nasdaq climbed 71, or 0.9%, to 8,020.

Bond prices fell. The yield on the 10-year Treasury rose to 1.59% from 1.56%.

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11:45 a.m.

Stocks are rising broadly on Wall Street as investors applauded encouraging quarterly results from major retailers.

Target soared 20% Wednesday after releasing earnings that blew past analysts’ expectations and raising its full-year forecast.

Lowe’s also jumped 10% after its results also beat forecasts. That came a day after rival Home Depot reported strong results of its own.

Traders will be looking out for minutes released later in the day from the Federal Reserve’s latest policy meeting.

The S&P 500 rose 25 points, or 0.9%, to 2,926.

The Dow Jones Industrial Average added 286, or 1.1%, to 26,248. The Nasdaq climbed 79, or 1%, to 8,028.

Bond prices fell. The yield on the 10-year Treasury rose to 1.57% from 1.56%.

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9:35 a.m.

Stocks are rising broadly in early trading on Wall Street as investors applauded encouraging quarterly results from major retailers.

Target soared 17% in early trading Wednesday after releasing earnings that blew past analysts’ expectations and raising its full-year forecast.

Lowe’s also jumped 11.5% after its results also beat forecasts. That came a day after rival Home Depot reported strong results of its own.

Traders will be looking out for minutes released later in the day from the Federal Reserve’s latest policy meeting.

The S&P 500 rose 23 points, or 0.8%, to 2,923.

The Dow Jones Industrial Average added 220, or 0.9%, to 26,181. The Nasdaq climbed 63, or 0.8%, to 8,011.

Bond prices fell. The yield on the 10-year Treasury rose to 1.59% from 1.56%.

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