Stocks Opened Higher on Optimism over Economic Reopening
- Wednesday, May 20, 2020, 9:46
- Stock Market
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U.S. stocks opened higher on Wednesday, lifted by optimism over efforts to reopen the economy and well-received quarterly results from retailers. The Dow Jones Industrial Average lately rose 297.31 points, or 1.23%, to 24,504.17. The S&P 500 advanced 36.87 points, or 1.26%, to 2,959.81. The Nasdaq Composite gained 126.64 points, or 1.38%, to 9,311.75.
Crude-oil prices edged higher on Wednesday, supported partly by evidence that U.S. inventories were receding.July West Texas Intermediate oil was up 41 cents, or 1.3%, at $32.37 a barrel. Brent crude for July delivery picked up 65 cents, or 1.9%, at $35.30 a barrel.
Lowe’s (LOW) posted first-quarter sales and profit that topped consensus expectations and grew over last year. First-quarter adjusted earnings per share were $1.77 on net sales of $19.68 billion, with each better than the $1.29 per share on sales of $18.28 billion anticipated.
Target Corp. (TGT) reported fiscal first-quarter profit, revenue and same-store sales that beat expectations. Net income for the quarter to May 2 fell to $284 million, or 56 cents a share, from $795 million, or $1.53 a share, in the year-ago period. Total revenue increased 11.3% to $19.62 billion. Same-store sales grew 10.8%.
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