Stocks Opened Slightly Higher amid Retail Earnings
- Wednesday, August 10, 2016, 10:13
- Stock Market
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U.S. stocks opened slightly higher on Wednesday, as investors digested quarterly results from retail firms. The Dow Jones Industrial Average lately rose 13.15 points, or 0.07%, to 18,546.20. The S&P 500 was off 1.49 points, or 0.07%, to 2,180.25. The Nasdaq Composite was down 7.38 points, or 0.14%, to 5,218.10.
Before the bell, Michael Kors posted quarterly results that beat expectations on both lines. Meanwhile, Ralph Lauren shares popped more than 6 percent after its earnings came in sharply above expectations.
The Bank of Japan plans to maintain its pledge to hit its 2% annual inflation target at the earliest possible date, according to a preliminary outline of a promised policy assessment, Reuters reported Wednesday.
Shares of solar panel company SunPower dropped over 31% in premarket trading Wednesday as the company announced 1,200 layoffs, struggles with its power plant division and a revised 2016 outlook.
The credit card is coming back, even among people with the lowest credit scores. In the second quarter, total household debt increased by $35 billion to $12.3 trillion, according to the New York Fed’s latest quarterly report on household debt.
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