Dow jumps 300 points, Target and Lowe's surge on strong earnings
Wednesday, 21 August 2019 23:26 WIB | MARKET UPDATE | Standard & Poor's 500saham A.S
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.
The Dow Jones Industrial Average traded 300 points higher, or 1.2%. The S&P 500 gained 0.9% while the Nasdaq Composite jumped 1.1%.
Target shares surged more than 16% to a record after the retailer posted second-quarter results that topped analyst expectations. The company's same-store sales, a key metric for retailers, expanded by 3.4%. Analysts expected growth of 2.9%.
Lowe's jumped around 10% on its second-quarter earnings report. CEO Marvin Ellison said the company capitalized on strong "holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results."
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