Fundamentals, US Markets
US Equities Rise On Wal-Mart Earnings
Friday, 14 Aug 2009 12:06 EDT at 0:06 by CFDTrading Analyst · Leave a Comment
US Session Key Developments
- Wal-Mart Stores Inc. Reports Better-Then-Expected Profits
- Retail Sales Continue To Slump
US Markets rose for the second consecutive day after Wal-Mart Stores Inc. exceeded analyst expectations for the second quarter. Wal-Mart, seen as a bellwether to the retail industry, and overall economy posted strong results as consumers made the shift to thrift and bought the chain store’s cheaper goods. Wal-Mart Stores’ earnings report overshadowed an unexpected fall in Retail Sales. Retail Sales fell -0.1% in July failing to meet expectations of a 0.8% rise. The Paulson hedge fund helped lift markets as it sought to buy up banks, strengthening confidence in the ailing sector.
DOW 30 9398.19 +36.58 +0.39%
Bank of America rose 6.7% as hedge-fund manager John Paulson bought 167 million shares. The move was seen as a vote of confidence in the bank’s future.
SPX 500 1012.73 +10.63 +0.53%
Financials, Technology, and Energy companies were the big gainers as relatively safer industries like health care and consumer products fell. VIX Index ebbed slightly lower to 24.71.
NAS 100 2009.35 +10.63 +0.53%
The NASDAQ rose with the rest of US indexes as speculation lifted all indexes.
Written by Kevin Yip, CFDTrading Analyst
For questions and comments email kyip@fxcm.com
