Dick's Sporting Goods Jumps 13.3% After Surge in Sales

Nasdaq, S&P 500 drift up to new highs
By Newser Editors and Wire Services
Posted Aug 25, 2021 3:47 PM CDT
S&P 500, Nasdaq Drift Up to Record Highs
Traders work on the floor of the New York Stock Exchange, Monday, July 19, 2021.   (AP Photo/Richard Drew, file)

Stocks pushed higher again on Wall Street Wednesday, marking more milestones for the S&P 500 and the Nasdaq. The S&P 500 added another 0.2%, its fifth gain in a row. Banks and energy companies led the way higher. Banks benefited from an increase in bond yields, which allow them to charge higher interest rates on loans. JPMorgan Chase climbed 2.1%. Trading has been subdued this week as company earnings reports wind down. The yield on the 10-year Treasury note rose to 1.34%. The S&P 500 rose 9.96 points to 4,496.19. The Dow Jones Industrial Average rose 22.06 points, or 0.1%, to 35,405.50. The Nasdaq rose 77.15 points, or 0.5%, to 15,041.86.

Industrial stocks and a variety of retailers, homebuilders and other companies that rely on consumer spending helped lift the market. Dick's Sporting Goods jumped 13.4% after reporting a surge in quarterly sales and a special dividend. Technology giant Salesforce will report its results after the closing bell. Investors seem to be in a holding pattern as Wall Street waits to hear from policymakers at the Federal Reserve later this week when they meet in Jackson Hole, Wyoming for their annual convention. With little else to go on, and with the August slowdown in full effect, stocks are not likely to move much in the next few days, the AP reports.

(More stock market stories.)

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