Wall Street Moves Toward Record Highs with Strong Retail Profit Reports
U.S. Stock Market Updates
Wall Street pulls closer to records as strong profit forecasts from retailers boost U.S. stocks. The Standard & Poor's 500 rose 0.4% after breaking an eight-day winning streak. The index is within 0.8% of its all-time high set last month. The Dow Jones industrial average added 55 points, while the Nasdaq composite gained 0.6%. Treasury yields eased as investors await Federal Reserve Chair Jerome H. Powell’s speech this Friday.
Retail Sector Performance
- Target saw shares jump 11.2%, driven by strong sales growth.
- TJX increased by 6.1% after exceeding profit expectations.
- Macy’s reported better-than-expected profit yet saw revenue decline.
Consumer Spending Concerns
There are rising concerns about whether consumers can maintain spending amidst a slowing economy. Even as inflation cools, prices remain elevated, impacting low-income households significantly. The Federal Reserve is expected to consider cutting interest rates next month.
Market Reactions
- Arch Resources and Consol Energy announced a merger of equals, impacting their stock performance.
- The S&P 500, Dow, and Nasdaq all rose, indicating strong market sentiment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.