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Home / Business / Goal, Lowe's earnings push Wall St. higher ahead of Fed minutes by Reuters

Goal, Lowe's earnings push Wall St. higher ahead of Fed minutes by Reuters



© Reuters. Traders are working on the floor of the New York Stock Exchange (NYSE) in New York

By Medha Singh

(Reuters) – Wall Street's most important indices rose about 1% on Wednesday, as the positive income of retailers Lowe & # 39; # 39; s and [19659005] Objective boosted confidence in consumer demand, while investors waited for the Fed minutes to release further clues on the path to interest rate cuts.

Big box retailer Target Corp (N 🙂 increased by 1

9.5%, set for the largest percentage jump in a day, after raising its annual earnings forecast. The home improvement chain Lowe's Cos Inc (N 🙂 climbed 9.8% as it joined major rival Home Depot Inc (N 🙂 in beating profits.

The reports come on high solid revenues from Walmart Inc (N 🙂 and strong retail data last week which reduced the fear of a US recession.

Together, their shares helped retail <.spxrt> rise 2.24% and consumer discretion () 1.78%, the most among the largest S&P sectors.

"Investors are counting on the power of consumer spending," said Rick Meckler, a partner at Cherry Lane Investments, a family investment firm in New Vernon, New Jersey.

"When they look good in the sector, it gives them some confidence, especially when there is a lot of concern for non-internet traders."

In addition to the positive mood, Bank of America Corp (N 🙂 CEO CEO Brian Moynihan fears a potential US recession and said strong consumer spending could keep the economy growing.

Kl. 12:13 pm ET, was up 313 points, or 1.21% and was up 29 points, or 1% and was up 84 points, or 1.1%.

The highlight of the day will be the minutes of the Federal Reserve meeting in July, when it cut interest rates for the first time in more than a decade. Details of the meeting will be published at 14.00. ET.

As trade tensions in the United States and China took a turn for the worse since the Fed's move last month and increased the risk of slowing economic growth, investors will closely monitor comments by Chairman Jerome Powell on Friday at the Jackson Hole Symposium for clues to what more the central bank plans to do to boost growth.

Meckler expects to see a weak tone in Powell's speech, "not so much because the United States is having financial problems, but it is a recognition of the fact that the rest of the world is having an economic downturn."

The yield on US government bonds ticked higher Wednesday, a day after their fall pushed Wall Street and paused in a sharp setback from last week's sales due to recession fears.

All S&P sectors were higher with defense tools (), consumer leaflets (), and real estate <.splrcr> that produced the smallest gains, reflecting investors' appetite for risk.

Toll Brothers Inc (N 🙂 slipped 3.8% after t the luxury home builder posted a decline in orders, hinting at weaker demand for new homes.

Progress on the questions exceeded the number of rejectors for a 3.02-to-1 ratio on the NYSE and a 2.22-to-1 ratio on the Nasdaq.

The S&P index recorded 23 new 52-week highs and four new lows, while Nasdaq recorded 51 new highs and 46 new lows.

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