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Stocks Climb Early Tuesday 08/21 09:51
U.S. stocks moved higher in early trading Tuesday as investors welcomed
solid results from homebuilders, retailers and other companies.
(AP) -- U.S. stocks moved higher in early trading Tuesday as investors
welcomed solid results from homebuilders, retailers and other companies.
Technology stocks also rose, rebounding from a slide a day earlier. Energy
companies were climbing along with the price of U.S. crude oil.
KEEPING SCORE: The S&P 500 index rose 10 points, or 0.4 percent, to 2,867 as
of 10:14 a.m. Eastern Time. The Dow Jones Industrial Average gained 78 points,
or 0.3 percent, to 25,836. The Nasdaq composite rose 43 points, or 0.6 percent,
to 7,864. The Russell 2000 index of smaller-company stocks picked up 10 points,
or 0.6 percent, to 1,709.
HOME SWEET HOME: Toll Brothers jumped 11.3 percent to $38.66 after the
luxury homebuilder reported earnings that came in well ahead of what analysts
were expecting.
WEAR IT WELL: TJX climbed 4.2 percent to $105.93 after the operator of T.J.
Maxx, Marshalls and other discount retail chains reported quarterly earnings
that topped Wall Street's forecasts.
HEALTHY QUARTER: Medtronic gained 4 percent to $94 after the medical
technology company's latest quarterly report card beat Wall Street's
projections.
FREE TRADE: Discount brokers ETrade and Charles Schwab were down sharply
following a report that JPMorgan Chase will offer free online trading. ETrade
slid 4 percent to $58.81, while Schwab lost 3.2 percent to $49.78.
UNAPPETIZING RESULTS: J.M. Smucker slid 3.9 percent to $111.31 after the
maker of Jif peanut butter, Crisco cooking oil and other products reported
quarterly results that fell short of analysts' estimates. The company also
trimmed its outlook for the year.
ENERGY: U.S. benchmark crude rose 2.1 percent to $67.80 per barrel in New
York. Brent crude, the standard for international oil prices, gained 0.9
percent to $72.84 per barrel in London.
BOND YIELDS: Bond prices fell. The yield on the 10-year Treasury rose to
2.85 percent from 2.82 percent late Monday.
CURRENCIES: The dollar fell to 110.40 yen from 110.23 yen late Monday. The
euro strengthened to $1.1527 from $1.1467.
MARKETS OVERSEAS: Germany's DAX added 1.7 percent, while France's CAC 40
climbed 0.9 percent. Britain's FTSE 100 slipped 0.1 percent. In Asia, Japan's
benchmark Nikkei 225 rose nearly 0.1 percent, while Australia's S&P/ASX 200
lost nearly 1 percent. South Korea's Kospi rose 1 percent. Hong Kong's Hang
Seng climbed 0.6 percent. Shares were higher in Taiwan but fell in Singapore.
(BE)
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