US retail stocks jump but overall market slips from highs

GMT 15:11 2014 Wednesday ,19 November

Arab Today, arab today US retail stocks jump but overall market slips from highs

Traders work on at the New York Stock Exchange
Washington - AFP

 Wall Street stocks retreated from record highs in opening trade Wednesday but major retailers like Lowes and Target were sharply higher on buoyant earnings reports.
Five minutes into trade, the Dow Jones Industrial Average stood at 17,659.37, down 28.45 points (0.16 percent).
The broad-based S&P 500 slid 5.00 (0.24 percent) to 2,046.80, while the tech-rich Nasdaq Composite Index fell 16.24 (0.35 percent) to 4,686.21.
The overall market paused after the Dow and S&P 500 notched new records Tuesday. Analysts cited investor caution ahead of the release of Federal Reserve minutes from the October meeting.
Department store chain Target gained 4.6 percent after it reported third-quarter earnings per share of 54 cents, well above analyst forecasts for 47 cents.
Pet goods chain PetSmart, office supplies giant Staples and home-improvement chain Lowe's all rose following earnings reports.

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