Retailers: We Have Good News

Target jumps 20%, Lowe's 10% on an upbeat day
By Newser Editors and Wire Services
Posted Aug 21, 2019 3:22 PM CDT
Retailers: We Have Good News
Traders Edward Curran, center, and Robert Arciero, right, work on the floor of the New York Stock Exchange, Wednesday, Aug. 21, 2019.   (AP Photo/Richard Drew)

Stocks closed higher on Wall Street as investors applauded encouraging quarterly results from major retailers, the AP reports. Target soared 20% Wednesday after releasing earnings that blew past analysts' expectations. Lowe's also jumped 10% after its results 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%.

(Read more stock market stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.