Wal-Mart's Outperformance Helps S&P 500 Reach Record High

Wal-Mart Stores, Inc.'s WMT first same-store sales growth in nearly two years heldped lift the S&P's 500 stock index to an intraday record on Thursday.

Wal-Mart gained 4.5 percent to $82.77; The S&P 500 hit an intraday high of 2,046.18, a new record, but traded down recently 0.3 percent.

The retailer accounts for about 1.05 percent of the weighted S&P index because of its market capitalization.

Same-store sales in the recent period increased 0.5 percent, including comparable sales growth at its smaller Neighborhood Market outlets of 5.5 percent.

The company trimmed its fourth-quarter forecast slightly, but Chief Executive C. Douglas McMillon said "we have some things in our favor" for the current quarter, including lower fuel prices."

Bank of America's Robert F. Ohmes said the trend could ease pressure on Wal-Mart's low-income customers, but much of the benefit won't accrue until the first half of 2015.

McMillon, named to his role 10 months ago, said the company needs to improve the customer experience, both in stores and online.

"We're investing in key areas of our business, including wages in our U.S. stores and in e-commerce and mobile capabilities," McMillion said.

A secret memo to Wal-Mart store managers leaked to the New York Times earlier this week concerned an "urgent agenda" to improve performance in dairy, meat and produce departments.

The memo tells managers to "validate that stores are fully executing on ‘Would I Buy It?'" — a plea to make sure that every store removes moldy or rotting fruits and vegetables, according to the New York Times.

In the recent third quarter, Wal-Mart's total sales grew 3.4 percent to $70 billion, while profits gained 0.9 percent to $1.15 per share. Analysts expected earnings of $1.12 on sales of $118.35 billion.