They went ballistic yesterday. More cognitive dissonance for @NJPSU - Jobs! Jobs! Jobs!
Wall Street rises as Target, Lowe's results point to consumer confidence
https://www.reuters.com/article/us-...arnings-push-wall-street-higher-idUSKCN1VB1AN
NEW YORK (Reuters) - Wall Street’s main indexes rose on Wednesday as upbeat earnings from retailers pointed to strength in U.S. consumer demand, and held gains after minutes from last month’s Federal Reserve meeting showed policymakers had debated a more aggressive interest rate cut.
U.S. stocks moved solidly higher following better-than-expected results from retailers Target Corp (TGT.N) and Lowe’s Cos Inc (LOW.N). Target shares surged 20.4% after the big-box retailer raised its annual earnings forecast. Lowe’s shares climbed 10.4% after the home-improvement chain beat profit estimates.
Robust U.S. consumer spending has helped stave off fears of an impending recession. Concerns about an economic slowdown rose as the yield curve between 2-year and 10-year Treasuries briefly inverted last week. Though the yield curve again briefly inverted on Wednesday, it had little impact on stocks this time around.
“As long as we have the healthy environment in jobs that we have right now, it’s going to be very difficult to shake people’s confidence,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. “At the end of the day, if people are employed, they’re going to go out and spend some money.”
Wall Street rises as Target, Lowe's results point to consumer confidence
https://www.reuters.com/article/us-...arnings-push-wall-street-higher-idUSKCN1VB1AN
NEW YORK (Reuters) - Wall Street’s main indexes rose on Wednesday as upbeat earnings from retailers pointed to strength in U.S. consumer demand, and held gains after minutes from last month’s Federal Reserve meeting showed policymakers had debated a more aggressive interest rate cut.
U.S. stocks moved solidly higher following better-than-expected results from retailers Target Corp (TGT.N) and Lowe’s Cos Inc (LOW.N). Target shares surged 20.4% after the big-box retailer raised its annual earnings forecast. Lowe’s shares climbed 10.4% after the home-improvement chain beat profit estimates.
Robust U.S. consumer spending has helped stave off fears of an impending recession. Concerns about an economic slowdown rose as the yield curve between 2-year and 10-year Treasuries briefly inverted last week. Though the yield curve again briefly inverted on Wednesday, it had little impact on stocks this time around.
“As long as we have the healthy environment in jobs that we have right now, it’s going to be very difficult to shake people’s confidence,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. “At the end of the day, if people are employed, they’re going to go out and spend some money.”
