Retailers Push US Stocks to 6-Day Gains05/25 09:14
U.S. stocks are climbing for the sixth day in a row Thursday as strong
quarterly results from retailers including Best Buy, Williams-Sonoma and PVH
give consumer-focused companies a lift. The Standard & Poor's 500 index and
Nasdaq composite are trading at all-time highs.
NEW YORK (AP) -- U.S. stocks are climbing for the sixth day in a row
Thursday as strong quarterly results from retailers including Best Buy,
Williams-Sonoma and PVH give consumer-focused companies a lift. The Standard &
Poor's 500 index and Nasdaq composite are trading at all-time highs. Stocks are
stretching for their longest winning streak in three months.
KEEPING SCORE: The Standard & Poor's 500 index advanced 8 points, or 0.4
percent, to 2,412 as of 10 a.m. Eastern time. It set an all-time high
Wednesday. The Dow Jones industrial average gained 73 points, or 0.4 percent,
to 21,085. The Nasdaq composite jumped 24 points, or 0.4 percent, to 6,186,
above the record it notched last week. The Russell 2000 index of small-company
stocks gained 7 points, or 0.5 percent, to 1,389.
BUY, BUY, BUY: Electronics retailer Best Buy jumped after it issued a strong
first-quarter report, including better sales of mobile devices and gaming
products. Its stock gained $7.19, or 14.3 percent, to $57.61. PVH, the owner of
brands including Calvin Klein and Tommy Hilfiger, climbed $4.75, or 4.7
percent, to $106.79 after it raised its annual forecasts in the wake of its own
strong report. Home furnishings company Williams-Sonoma beat Wall Street
estimates and rose $1.35, or 2.7 percent, to $50.99. Jeans maker Guess leaped
$1.38, or 13.8 percent, to $11.36 after its announcement.
Abercrombie & Fitch, Burlington Stores, and Shoe Carnival all made
OIL: Crude oil prices declined for the second day in a row as the members of
OPEC and other key oil-producing nations met in Vienna to discuss extending
their production cut from last year. Oil prices have rallied over the last few
weeks as investors expected the cut to be extended, which would shore up
prices. Benchmark U.S. crude lost 20 cents to $51.16 a barrel in New York and
Brent crude, the international standard, fell 14 cents to $53.82 a barrel in
London. However energy companies traded higher.
TALKING TURKEY: Spam maker Hormel Foods sank as the company said its
Jennie-O turkey business continued to struggle in the second quarter. The
company's income and sales both fell short of Wall Street projections. Hormel's
stock gave up $1.71, or 4.8 percent, to $33.69.
BONDS: Bond prices were little changed. The yield on the 10-year Treasury
note held at 2.25 percent.
CURRENCIES: The dollar dipped to 111.76 yen from 111.90 yen. The euro rose
to $1.1213 from $1.1195.
OVERSEAS: Germany's DAX was down 0.2 percent. The French CAC 40 and the FTSE
100 index in Britain were unchanged. The Nikkei 225 index in Tokyo climbed 0.4
percent and Hong Kong's Hang Seng rallied 0.8 percent. The Kospi of South Korea
jumped 1 percent.