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Wall Street rebounds on better-than-expected earnings, mixed data

Wall Street traded higher Tuesday on better-than-expected earnings, joining overseas market to rebound from the previous big sell-off.

 

Men sit on a bench in front of the New York Stock Exchange after trading hours in New York Aug. 17, 2009.

Home Depot Inc., the world's largest home improvement retailer, said its second-quarter profit fell 7 percent, but its adjusted results beat Wall Street's expectations. Home Depot also lifted its guidance for full-year earnings.

Target Corp., the second largest U.S. discount retailer, reported second quarter profit that fell less than analysts estimates.

Investors were also encouraged by a worldwide rebound Tuesday on upbeat consumer confidence report from Germany. Japan's Nikkei stock average rose 0.2 percent, Britain's FTSE 100, Germany's DAX index and France's CAC-40 all added 0.9 percent.

 

Traders work at their desks in New York Stock Exchange, the United States, on Aug. 17, 2009.

On Tuesday, the Commerce Department reported that construction of new homes and apartments fell more than expected last month, but the number of single-family dwellings under construction rose 1.7 percent from June to an annual rate of 490,000 units, the highest since October.

The Dow Jones average rose 82.60, or 0.9 percent, to 9,217.94. The Standard & Poor's 500 index gained 9.94, or 1 percent, to 989.67, while the Nasdaq composite index rose 25.08, or 1.3 percent, to 1,955.92.

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 Source : Xinhua  Editor: Ivy
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