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Dow jumps 300 points, Target and Lowe's surge on strong earnings


Wednesday, 21 August 2019 23:26 WIB

Standard & Poor's 500saham A.S


c_740_198_16777215_00_images_assets_USMARKET_0USstock.jpg

Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.

The Dow Jones Industrial Average traded 300 points higher, or 1.2%. The S&P 500 gained 0.9% while the Nasdaq Composite jumped 1.1%.

Target shares surged more than 16% to a record after the retailer posted second-quarter results that topped analyst expectations. The company's same-store sales, a key metric for retailers, expanded by 3.4%. Analysts expected growth of 2.9%.

Lowe's jumped around 10% on its second-quarter earnings report. CEO Marvin Ellison said the company capitalized on strong "holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results."

Source: CNBC


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