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Saturday, August 17, 2019
HomeNewsEconomyU.S. Retailers Smash Estimates, Sending Equities Markets to New Highs

U.S. Retailers Smash Estimates, Sending Equities Markets to New Highs

An employee at Home Depot (NYSE:HD) beyond a now hiring sign at a satellite location. (Photo: Reuters)
An employee at Home Depot (NYSE:HD) beyond a now hiring sign at a satellite location. (Photo: Reuters)

An employee at Home Depot (NYSE:HD) beyond a now hiring sign at a satellite location. (Photo: Reuters)

Strong profits from U.S. retailers pushed all three major indexes to brand new highs after U.S. markets cracked the ceiling the previous week.

At 11:35 AM EST, the Dow Jones Industrial Average (INDEXDJX:.DJI) was up 71.29, or 0.35% to 20,695.34. But the Dow hit a new intra-day high at 20,757.64. Wal-Mart Stores Inc. (NYSE:WMT) reported better-than-expected quarterly comparable store sales, making the company the biggest boon to the Dow. Wal-Mart was up 3.27%, or 2.27 to 71.64.

The S&P 500 (INDEXSP:.INX) climbed 0.86%, or 8.99 to 2,360.15, after setting a new high at 2,366.24. Nine (9) of the 11 major S&P 500 sectors were up, while real estate and utilities were the outliers for once.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) was up 10.90, or 0.19% to 5,848.82 after hitting a new high of 5,867.89.

Shares of Home Depot Inc (NYSE:HD) gained 1.01 (0.71%) to 144.01 after it far surpassed estimates and announced a a $15 billion buyback plan. The Atlanta, Georgia-based company said same-store sales rose 5.8% during the quarter ended Jan. 29, topping forecasts for 3.5%. The company also forecast 2017 same-store sales growth of 4.6 percent and profit of $7.13 per share.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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