Investors Shrug off Profit Concerns, Dow Jumps 250
Stocks rose for a second straight session on Tuesday even after Target issued a warning about its current quarter’s profits, which put pressure on the broader retail sector. The Dow Jones Industrials roared out of negative territory, picking up 264.36 points to end the day at 33,180.14. The SP 500 gained 39.25 points, or 1%, to 4,160.68. The NASDAQ Composite jumped 113.86 points to 12,175.23. The gains for the averages came in spite of weakness for retail stocks. Target shares fell 2.3% after the retailer announced plans to work down excess inventory, though the stock trimmed its losses as the session progressed. The company said it will implement additional markdowns to products and cancel some orders. Target also lowered its operating margins guidance for the quarter. Walmart shares followed Target lower, sliding 1.2%. Amazon fell 1.4%. Major retailers have delivered mixed results and outlooks in recent weeks, adding to stock market volatility as investors try to determine if the announcements signal the start of a potential recession or a rapid change in consumer spe Energy was one of top performing sectors on Tuesday as oil futures hovered near $120 per barrel.
Investors Shrug off Profit Concerns, Dow Jumps 250
Stocks rose for a second straight session on Tuesday even after Target issued a warning about its current quarter’s profits, which put pressure on the broader retail sector. The Dow Jones Industrials roared out of negative territory, picking up 264.36 points to end the day at 33,180.14. The SP 500 gained 39.25 points, or 1%, to 4,160.68. The NASDAQ Composite jumped 113.86 points to 12,175.23. The gains for the averages came in spite of weakness for retail stocks. Target shares fell 2.3% after the retailer announced plans to work down excess inventory, though the stock trimmed its losses as the session progressed. The company said it will implement additional markdowns to products and cancel some orders. Target also lowered its operating margins guidance for the quarter. Walmart shares followed Target lower, sliding 1.2%. Amazon fell 1.4%. Major retailers have delivered mixed results and outlooks in recent weeks, adding to stock market volatility as investors try to determine if the announcements signal the start of a potential recession or a rapid change in consumer spe Energy was one of top performing sectors on Tuesday as oil futures hovered near $120 per barrel.