The S&P 500 reclaimed record highs last seen before the onset of the coronavirus crisis in February on Tuesday, before retreating on doubts about the outlook for a U.S. economy that is still struggling to recover.
FILE PHOTO: The 11 Wall St. door of the New York Stock Exchange is seen in New York City, New York, U.S., June 26, 2020. REUTERS/Brendan McDermid
All three major indexes quickly retreated, however, and were back in negative territory half an hour later, as optimism about the first round of results from major retailers dissipated. The highs underscore the growing disconnect between the stock market and the economy, which is yet to climb back to pre-pandemic levels.
Home Depot’s smaller rival Lowe’s Cos Inc and supermarket operator Target Corp edged lower ahead of their quarterly earnings on Wednesday. Kohl’s Corp fell 15.4% despite beating estimates for net sales.
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