Wall Street gains on retail earningsMay 13th, 2008 - 7:48 am ICT by admin
New York, May 13 (DPA) US stock markets gained Monday as retailers began reporting their earnings and many recorded better-than-expected profits. Discount giant Wal-Mart Stores Inc, which is to report its quarterly results Tuesday, gained 84 cents to $58.02 on speculation that a weaker economy drove more shoppers to its stores and boosted profits.
Retailers such as department store Nordstrom, women’s fashion chain Ann Taylor and TJX, owner of discount chains TJ Maxx and Marshalls, all gained on better than expected earnings. A decline in oil prices also aided the rally, as did predictions that a tax rebate aimed at jump-starting the economy would boost sales.
The blue-chip Dow Jones Industrial Average picked up 130.43 points, or 1 percent, to 12,876.31. The broader Standard & Poor 500 Index gained 15.30 points, or 1.1 percent, to 1,403.58. The technology-heavy Nasdaq Composite Index grew 42.97 points, or 1.8 per cent, to 2,488.49.
The dollar fell to 64.35 euro cents from 64.59 euro cents on Friday, but gained against the Japanese currency to 103.88 from 102.86.
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