Stock market today: Wall Street pulls closer to records after retailers top profit forecasts
NEW YORK — U.S. stocks ticked higher Wednesday after more big companies delivered profit reports that topped analysts’ expectations.
Target jumped 11.2% after the retailer said an important underlying measure of sales strength for the spring came in at the high end of its expectations, as traffic increased at both its stores and online. Its profit topped analysts’ estimates, and it raised its forecast for the full year. Worries have been growing about whether U.S. shoppers can keep up their spending and keep the slowing economy out of a recession. Inflation is slowing, but prices are nevertheless much higher than before the pandemic, and many U.S. households have burned through the savings they built up during that stay-at-home period.
Most Federal Reserve officials agreed last month that they would likely cut at their next meeting in September, as long as inflation continued to cool, according to minutes of the meeting released Wednesday. “We have long warned that the jobs numbers were unreliable and subject to dramatic revision,” said Nancy Tengler, chief executive of Laffer Tengler Investments. She suggested focusing on the longer term and said rising U.S. worker productivity is an encouraging signal for the economy.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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