NEW YORK: Wall Street stocks edged higher early Wednesday following good results from big-box retailer Target and ahead of the release of Federal Reserve meeting minutes.
Target – Walmart’s smaller, North American-focused rival – soared more than 15 percent after reporting higher comparable store sales in its second quarter after a string of declines.
“We made a commitment to get back to growth in the second quarter, and the team delivered,” said Target Chief Executive Brian Cornell, who also pointed to improving trends in apparel and other discretionary products.
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About 10 minutes into trading, the Dow Jones Industrial Average gained 0.1 percent to 40,888.95.
The broad-based S&P 500 advanced 0.3 percent to 5,613.33, while the tech-rich Nasdaq Composite Index also gained 0.3 percent to 17,864.27.
US stocks had retreated Tuesday, ending a run of positive sessions in a stretch of the calendar known for light trading volumes because of summer holidays.
Among other retailers reporting Wednesday, TJ Maxx parent TJX jumped 5.9 percent while Macy’s slumped 12.7 percent.
Meanwhile the Fed is scheduled to release minutes from its most recent policy meeting amid expectations the central bank will begin to cut interest rates in September.
Fed Chair Jerome Powell is also slated to speak Friday, at a central banker conference in Wyoming.
Source: Brecorder
