Strong earnings reports from several big retailers helped drive stocks on Wall Street broadly higher Wednesday as the market bounced back from its first loss in four days.
Investors have been worried that U.S. economic and corporate earnings growth could stumble under the strain of a slowing global economy and the U.S.-China trade war. But the strong quarterly results from the retailers encouraged traders — who see the performance as a sign that U.S. consumers, which account for 70% of U.S. economic growth — are healthy.
A look at Target and Lowe’s earnings Wednesday appeared to dim investors’ concerns about the effects tariffs on Chinese goods may have on U.S. consumers.Target soared 20.4% after the company easily beat profit forecasts for its second quarter. Target has been pushing faster delivery and investing heavily in new private label brands.
Investors took a dim view of Cree’s latest quarterly results. Shares in the maker of energy-efficient lighting tumbled 15.8% after it issued a weak forecast as it deals with the fallout from the U.S.-China trade war. Investors have been seeking insight into the Fed’s willingness to make further interest-rate cuts to help shore up the economy. They are now looking ahead to Friday, when Fed Chairman Jerome Powell is scheduled to speak at the central bank’s annual conference in Jackson Hole, Wyo.
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