November 15, 2017 / 2:07 PM / 7 months ago

Wall Street recovers on strong Wal-Mart, Cisco earnings

(Reuters) - U.S. stock indexes recovered from two days of losses on Thursday after technology stocks got a boost from Cisco results and Wal-Mart soared to a record high.

Shares of Wal-Mart rose 7 percent after the world’s largest retailer reported quarterly sales that beat expectations on hurricane-related purchases and soaring online sales.

Cisco shares surged 6.7 percent as strength in security business helped its earnings.

Both the stocks powered the S&P 500 and the Dow Jones indexes.

“One of the most remarkable stories of this year is Wal-Mart and they are again proving that with their results today,” said Art Hogan, chief market strategist at B. Riley FBR in Boston.

The S&P 500 recorded its biggest percentage decline in more than 2 months on Wednesday as energy stocks dropped on sliding crude prices and concerns over the passage of a tax revamp after two Republican senators were critical of the proposal weighed.

The Republican-controlled U.S. Congress is approaching a major test of its ability to overhaul tax code on Thursday, as lawmakers prepared for their first full-scale vote on sweeping tax legislation.

At 9:50 a.m. ET (1350 GMT), the Dow Jones Industrial Average was up 127.36 points, or 0.55 percent, at 23,398.64, the S&P 500 was up 11.39 points, or 0.44 percent, at 2,576.01 and the Nasdaq Composite was up 48.38 points, or 0.72 percent, at 6,754.58.

Nine of the 11 major S&P indexes were higher, led by gains in consumer staples and technology stocks.

Folgers coffee maker J M Smucker rose about 6 percent, while Viacom slipped 8.25 percent after reporting results.

Best Buy fell 6.61 percent as quarterly same-store sales came in below estimates, hurt by a late launch of iPhone X.

Advancing issues outnumbered decliners on the NYSE by 1,900 to 774. On the Nasdaq, 1,878 issues rose and 598 fell.

FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. REUTERS/Andrew Kelly/File Photo

Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below