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Stocks Mostly Snap 4-Day Losing Streak Ahead Of FOMC Minutes

In the absence of economic data, stocks mostly rebounded on the tension ahead of Wednesday’s release of the minutes from the FOMC’s July meeting, snapping a worrisome four-day losing
Michael Teague is a staff writer for Equities.com. His previous experience includes three years as the associate editor of Los Angeles-based Al Jadid Magazine, a bi-annual review of the arts & culture of the Middle East, where he contributed many articles on the region in the form of features and book & film reviews. His educational background includes a BA in French literature from the University of California, Irvine, where he developed a startling proclivity for anything having to do with the 19th century.
Michael Teague is a staff writer for Equities.com. His previous experience includes three years as the associate editor of Los Angeles-based Al Jadid Magazine, a bi-annual review of the arts & culture of the Middle East, where he contributed many articles on the region in the form of features and book & film reviews. His educational background includes a BA in French literature from the University of California, Irvine, where he developed a startling proclivity for anything having to do with the 19th century.

In the absence of economic data, stocks mostly rebounded on the tension ahead of Wednesday’s release of the minutes from the FOMC’s July meeting, snapping a worrisome four-day losing streak that was the longest so far in 2013.

The Standard & Poor’s 500 index ended the day 0.38 percent higher at 1,652.35 points, while the Dow Jones Industrial Average closed 0.05 percent lower to 15,002.99 , while the NASDAQ finished off at3,613.59 points, an advance of 0.68 percent.

Retail stocks were the story of the day as Best Buy (BBY) released an impressive earnings report that sent the stock up over 13 percent to end the day at $34.78. Shares have advanced over 160 percent year-to-date, making the company one of the most successful turnaround stories of the year.

Meanwhile, Amazon.com (AMZN) also edged up slightly,  0.68 percent, on news that the online retailer is preparing for yet another massive expansion of its shipping centers throughout the US. The TJX Companies (TJX) , operator of T.J. Maxx and Marshalls, saw shares up 7 percent to $54.30 after releasing its own impressive earnings report. Trendy clothing retailer Urban Outfitters (URBN) also ended the day up over 8 percent on earnings.

Services stocks dominated the S&P 500 overall, with the above-mentioned companies being joined by the likes of Netflix (NFLX) , Gannett Co. (GCI) , and Ross Stores Inc. (ROST) . J.C. Penney (JCP) was also up nearly 6 percent, after releasing yet another abysmal earnings report that all the same included promising comparable-store sales figures.

The Dow ended lower, with half of its components in the red, with the biggest loss posted by Home Depot Inc. (HD) despite releasing its own impressive earnings report. Intel Corporation (INTC) and Unitedhealth Group Inc. (UNH) were the index’s biggest gainers.

Tech shares lifted the NASDAQ higher, with Facebook (FB) trading higher BlackBerry (BBRY) on heavy volume. Wireless company RigNet Inc. (RNET) jumped almost 19 percent to $33.63 after the announcement that global investment firm Kohlberg Kravis Roberts & Co. LP announced a significant minority interest in the firm.