Following the market opening Tuesday, the Dow traded up 0.30 percent to 16,888.34 while the NASDAQ surged 0.26 percent to 4,519.86. The S&P also rose, gaining 0.26 percent to 1,976.95.
Leading and Lagging Sectors
Energy shares gained 0.49 percent in trading on Tuesday. Top gainers in the sector included Magnum Hunter Resources MHR, up 8 percent, and Halcon Resources HK, up 7.5 percent.
In trading on Tuesday, basic materials shares were relative laggards, down on the day by about 0.85 percent. Meanwhile, top decliners in the sector included BHP Billiton plc BBL, down 5.6 percent, and BHP Billiton BHP, off 3.1 percent.
Top Headline
The Home Depot HD reported better-than-expected second-quarter earnings and lifted its 2014 earnings outlook.
The Atlanta, Georgia-based company posted quarterly net earnings of $2.05 billion, or $1.52 per share, compared to $1.8 billion, or $1.24 per share, in the year-ago period.
Its net sales climbed 5.7% to $23.81 billion versus $22.52 billion. However, analysts were projecting earnings of $1.44 per share on sales of $23.6 billion. Comparable store sales climbed 5.8%.
Equities Trading UP
American Woodmark AMWD shares shot up 16.39 percent to $36.47 on upbeat quarterly results.
Shares of Dick's Sporting Goods DKS got a boost, shooting up 5.38 percent to $45.85 after the company reported upbeat fiscal-second quarter profit.
The Home Depot HD shares were also up, gaining 3.98 percent to $86.92 after the company reported better-than-expected second-quarter earnings and lifted its 2014 earnings outlook.
Equities Trading DOWN
Shares of El Pollo Loco Holdings LOCO were down 7.77 percent to $30.62. Morgan Stanley initiated coverage on El Pollo Loco with a Underweight rating and a $22.00 price target.
BHP Billiton BHP shares tumbled 3.50 percent to $70.21 after the company announced its plans to spin off several assets to create a new company.
Elizabeth Arden RDEN was down, falling 23.76 percent to $14.95 after the company reported a fiscal fourth-quarter loss. Elizabeth Arden reported that funds affiliated with Rhone Capital have agreed to buy $50 million in preferred shares and receive warrants for 2.5 million shares.
Commodities
In commodity news, oil traded up 0.44 percent to $96.83, while gold traded up 0.09 percent to $1,300.50.
Silver traded up 0.03 percent Tuesday to $19.64, while copper rose 0.08 percent to $3.14.
Eurozone
European shares were mostly higher today. The eurozone’s STOXX 600 surged 0.43 percent, the Spanish Ibex Index jumped 0.21 percent, while Italy’s FTSE MIB Index dropped 0.34 percent. Meanwhile, the German DAX gained 0.95 percent and the French CAC 40 climbed 0.37 percent while UK shares gained 0.49 percent.
Economics
The ICSC-Goldman Store Sales Index dropped 1.3% in the week ended Saturday versus the earlier week.
Construction on new US homes rose 15.7% to an annual rate of 1.09 million in July. However, economists were projecting housing starts to rise to 969,000 in July.
The consumer price index increased 0.1% in July, while the core CPI rose 0.1%. However, economists were estimating the overall CPI to rise 0.1% and core rate to increase 0.2%.
The Johnson Redbook Retail Sales Index rose 0.5% in the first two weeks of August versus July.
The Treasury is set to auction 4-week and 52-week bills.
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