Yahoo Finance Stocks - Wall Street Boosted by Upbeat Retail Results
Investing.com – Wall Street rose on Wednesday after positive earnings from Lowe’s (NYSE:LOW) and Target (NYSE:TGT) helped boost confidence over the economic health of U.S. consumers.
The Dow jumped 251 points, or 1%, by 9:52 AM ET (13:52 GMT), while the S&P 500 rose 26 points, or 1%, and the Nasdaq composite was up 87 points, or 1.1%.
Shares of home improvement chain Lowe’s (NYSE:LOW) jumped 10.4%, while Target (NYSE:TGT) surged 17.8% after both reported better-than-expected results. Target increased its full-year forecast as sales increased, while Lowe’s joined Home Depot (NYSE:HD) in posting a positive quarter despite a decline in lumber prices.
Minutes from the Federal Reserve’s July meeting are also in focus, expected to be released at 2:00 PM ET (18:00 GMT).
"A significant rally will be difficult until traders have clarity on the Fed's policy path," Edward Moya, senior market analyst at OANDA, said.
"Today's release of the FOMC minutes could show how the risks related to global trade could warrant further rate cuts, but traders will likely pay more attention to Fed Chair Powell's speech on Friday."
Apple (NASDAQ:AAPL) rose 1% after the morning bell, while Facebook (NASDAQ:FB) rose 1% and IBM (NYSE:IBM) gained 2%. Boeing (NYSE:BA) rallied 1.4%, while Bank of America (NYSE:BAC) was up 0.5%.
Tesla (NASDAQ:TSLA) lost 1.8% after reports that Walmart (NYSE:WMT) is suing the company for fires allegedly associated with its solar panels.
In commodities, crude oil jumped 1.5% to a one-week high of $56.98 a barrel, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 98.050. Gold futures lost 0.2% to $1,512.15 a troy ounce.
-Reuters contributed to this report
Related Articles
U.S. markets regulator proposes new guidelines on shareholder advisers
Nestle to invest almost $250 million in Brazil over the next three years
Uniper workers urge Fortum to spell out future plans to allay downgrade fears
