U.S. Stocks Mostly Rise, Snapping Four-Day Losing Streak; Dow Lags Behind -- Notes

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, [7], 8, 9, 10 ]

Subject: U.S. Stocks Mostly Rise, Snapping Four-Day Losing Streak; Dow Lags Behind

Author:
US Tuesday 20/8/2013==Room Inspection

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 09:53:12 08/21/13 Wed

U.S. Stocks Mostly Rise, Snapping Four-Day Losing Streak; Dow Lags Behind
21/08/2013 6:42AM

--U.S. stocks mostly rise, reversing four-day slide for Dow average

--Retailers' shares advance on earnings

--Investors await Fed meeting minutes Wednesday

By Matt Jarzemsky

The S&P 500 rose Tuesday, snapping a four-day streak of declines, as a handful of retailers reported better-than-expected earnings and investors waited to hear more on the future of the Federal Reserve's easy monetary policy.

The S&P 500 added 6.29 points, or 0.4%, to 1652.35, reversing course after a 2.6% slide over the previous four days.

The Nasdaq Composite Index gained 24.50 points, or 0.7%, to 3613.59. The Dow Jones Industrial Average lagged behind, declining 7.75 points, or 0.1%, to 15002.99.

Best Buy (BBY) rose 8.2% after recording profit growth that topped analysts' forecasts.

Home Depot (HD) reported better-than-expected quarterly results and raised its full-year earnings and revenue forecast, citing an improving housing market. But the home-improvement retailer's shares slipped 1.2%. In the past year, Home Depot shares are up 31%, nearly double the advance of the S&P 500.

Stocks' gains reflect a calming of investors' jitters over a sharp increase in interest rates the past few weeks, said Mark Freeman, chief investment officer at Westwood Holdings Group Inc., which manages $15.8 billion in Dallas. Tuesday, the yield on the benchmark 10-year Treasury note fell to 2.816%.

"The level of fear has subsided, at least temporarily," Mr. Freeman said. "So far, the equity market has been able to live with where rates have risen."

Uncertainty still surrounds the Fed's plans to scale back stimulus efforts by reducing bond-purchasing programs, as early as September. The Fed is due to release the minutes of its latest policy-setting committee's meeting Wednesday. Later in the week, the Fed is set to host its annual meeting of global central bankers in Jackson Hole, Wyo.

Stock-trading volume was light Tuesday, but investors were "squaring positions and don't want to be too far offsides ahead of the Fed minutes and Jackson Hole," said Jonah Cave, head of Americas client trading and execution at UBS AG. About 5.3 billion shares changed hands in the U.S. during the session, according to FactSet, 15% below the daily average this year.

Worries about reduced Fed stimulus and the extended weakness in U.S. shares weighed heavily on overseas markets. European markets were broadly lower, with the Stoxx Europe 600 falling 0.8%.

Asian markets were also hit hard. Japan's Nikkei Stock Average slumped 2.6% to a nearly two-month low, while China's Shanghai Composite lost 0.6%.

September crude-oil futures lost 2% to settle at $104.96 a barrel, while August gold futures added 0.5% to settle at $1,373.10 an ounce. The dollar eased against both the euro and the yen.

J.C. Penney (JCP) climbed 6%. The department-store operator reported a wider-than-forecast fiscal second-quarter loss, but signs of improvement in same-store sales trends helped prop the shares up.

TJX Cos. (TJX), the operator of T.J. Maxx and Marshall's discount stores, advanced 6.9% after raising its profit and same-store sales forecasts for the year.

Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com

(END) Dow Jones Newswires

August 20, 2013 16:42 ET (20:42 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

[ Next Thread | Previous Thread | Next Message | Previous Message ]