Stocks Opened Higher on Retailers’ Results

U.S. stocks began higher on Tuesday, bouncing back from a four-session drop, after results from Home Depot Inc. (NYSE:HD) , Best Buy Co. (NYSE:BBY) and other retailers topped expectations. The Dow Jones Industrial Average lately rose 19.43 points, or 0.13%, to 15,030.17. The S&P 500 index climbed 3.68 points, or 0.22%, to 1,649.74. The Nasdaq Composite added 12.66 points, or 0.35%, to 3,601.75.

A recovery in the U.S. housing market helped Home Depot Inc beat analysts’ quarterly profit and sales estimates on Tuesday, prompting the world’s largest home improvement chain to raise its outlook for the fiscal year. Net earnings rose to $1.80 billion, or $1.24 a share in the second quarter ended August 4 from $1.53 billion, or $1.01 a share, a year earlier. Sales rose 9.5 percent to $22.5 billion, topping the analysts’ average estimate of $21.8 billion.

Best Buy Co Inc (BBY) reported its first quarterly profit in a year on Tuesday as the world’s largest consumer electronics chain kept a tight lid on costs. Net earnings rose to $266 million, or 77 cents a share in the second quarter ended August 4 from $12 million, or 4 cents a share, a year earlier. Sales at stores open at least 14 months fell 0.6 percent, including a 0.4 decline domestically.

J.C. Penney on Tuesday reported sales at stores open at least a year fell 11.9 percent in the second quarter, during which it reverted to a promotions-heavy strategy to try to halt a sharp sales decline. Sales at stores open at least a year fell 11.9 percent in the quarter, during which it reverted to a promotions-heavy strategy to try to stop a sharp sales decline.