Major retailers continued to report surging profits and millions of new customers amid the pandemic.
The Dow Jones Industrial Average was up 0.2%, over 50 points, at Wednesday’s open, while the S&P 500 rose 0.1% and the tech-heavy Nasdaq Composite was flat.
Retailers continued to report strong second quarter earnings: Shares of Target jumped 8% after the companyShares of Lowe’s rose over 2% after the home improvement retailer reported aWhile investors have cheered data that U.S. coronavirus cases are trending lower, many officials remain cautious about students returning to school and colleges in the fall: Several campuses have had to switch to fully online classes after seeing clusters of new hotspots emerge.
A good deal of uncertainty also remains around the next coronavirus stimulus bill in Washington: Treasury Secretary Steven Mnuchinon Tuesday for failing to “strike a reasonable deal,” but suggested that talks could resume this week. Sentiment was further kept in check by ongoing U.S.-China tensions, with President Trump admitting on Tuesday evening that he had canceled last weekend’s scheduled trade talks with China, raising further doubts about the phase one trade deal.. The index finished above its old record-closing-high of 3,386 set back in February, while also surpassing its previous intraday high of 3,393 earlier in the day.
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