Equities Roundup: Wall Street Rises on Stronger Retail Sales

Equities Editors Desk |

MacysStocks on Wall Street moving higher today as investors were encouraged by stronger retail sales in September and promising developments in Europe. The European Central Bank said it would restart its bond-buying program in hopes to calm the current market uncertainty regarding the EU's sovereign debt issues. The U.S. Labor Department said first-time unemployment applications grew to 401,000 last week, but the increase of  6,000 new claims was smaller than economists had expected. Retail stocks got the biggest boost as companies like Target (TGT), Nordstrom (JWM), Macy's (M), Saks (SKS) and Ross (ROST) reported sales growth that beat Wall Street expectations. Shares of Apple (AAPL) have also held up relatively well after news that co-founder, former CEO and respected visionary Steve Jobs had died yesterday. Jobs had resigned as the CEO of Apple in August, and successor Tim Cook has vowed to carry on his creative genius. Elsewhere, President Barack Obama publicly acknowledged the growing number of protests around the nation regarding Wall Street practices and overall economic inequality, President Obama also called out Republicans, saying he would hold them accountable if they did not pass his jobs proposal. In commodities, oil prices surged over 3 percent to $82 a barrel. Gold prices are flat at around $1,655.

MAJOR U.S. STOCK INDICES

DJIA: 11,060.17 (+1.10 percent)
S&P 500: 1,157.86 (+1.21 percent)
NASDAQ: 2,493.01 (+1.32 percent)
Russell 2000: 666.86 (+1.33 percent)

In other news:

  • The New York Times' five-page obituary for Steve Jobs will probably tell you everything you'll ever need to know about one of the brightest and influential men in history. [NY Times]
  • Is the market ready for one of the biggest year-end rallies since 1998? As discussed with S&P's Sam Stovall, the market is positioned to bounce, if only for the short term. [Bloomberg]
  • The housing market's three-pronged approach to a non-recovery. Declining mortgage rates, depressed prices, and no demand. [CNBC]
  • Bank of America (BAC) CEO Brian Moynihan defended the bank's $5 monthly fee for debit cards as a way to generate a return for shareholders, who have lost about 60 percent in the value of their shares year-to-date. [The Street]

 

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Companies

Symbol Name Price Change % Volume
MLFNF Maple Leaf Foods Inc. 21.36 0.49 2.35 7,045

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