Mid-Day Market Update: US Stocks Rise; Best Buy Jumps On Upbeat Earnings
Midway through trading Tuesday, the Dow traded up 0.25 percent to 15,047.93 while the NASDAQ surged 0.66 percent to 3,612.62. The S&P also rose, gaining 0.50 percent to 1,654.27.
Home Depot's quarterly earnings surged to $1.8 billion, or $1.24 per share, from $1.53 billion, or $1.01 per share, in the year-ago period.
Its total sales rose 9.5% to $22.52 billion, while same-store sales gained 10.7%. However, analysts were estimating earnings of $1.22 per share on sales of $21.83 billion. Home Depot raised its fiscal 2013 earnings forecast to $3.60 per share.
Shares of Urban Outfitters (NASDAQ: URBN) got a boost, shooting up 9.95 percent to $43.89 after the company reported better-than-expected second-quarter earnings. Analysts at Wedbush upgraded the stock from Neutral to Outperform.
Trina Solar (NYSE: TSL) was also up, gaining 9.88 percent to $7.45 after the company posted a narrower Q2 loss.
Equities Trading DOWN
Shares of LightInTheBox Holding Co (NYSE: LITB) were down 36.11 percent to $12.31 after the company issued weak third-quarter revenue forecast. Analysts at Credit Suisse downgraded the stock from Neutral to Underperform.
In commodity news, oil traded down 0.79 percent to $106.25, while gold traded up 0.51 percent to $1,372.70.
Silver traded down 0.22 percent Tuesday to $23.17, while copper rose 0.09 percent to $3.34.
European shares were lower today. The Spanish Ibex Index tumbled 1.93 percent, while Italy's FTSE MIB Index dropped 1.28%. Meanwhile, the German DAX declined 0.90 percent and the French CAC 40 dipped 1.48 percent while U.K. shares fell 0.46 percent.
The ICSC/Goldman Sachs Chain Store Sales Index dropped 1.9% in the week ended Saturday versus the previous week.
The Chicago Fed National Activity Index rose to -0.15 in July, from -0.23 in June.
The Johnson Redbook Retail Sales Index rose 0.2% for the first two weeks in August versus July.
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