America's top dollar store chains beat profit estimates on Thursday and said they would benefit from demand for affordable groceries and household essentials in coming months as rising unemployment threatens to spur a deep recession.
May 26 U.S. stocks jumped and the S&P 500
crossed 3,000 points on Tuesday as optimism about a potential
coronavirus vaccine and a revival in business activity helped
investors overlook simmering Sino-U.S. tensions.
* Indexes up: Dow 2.47%, S&P 1.70%, Nasdaq 0.71%
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* Indexes up: Dow 2.35%, S&P 1.85%, Nasdaq 1.36%
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* Futures up: Dow 2.2%, S&P 2.5%, Nasdaq 1.6%
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U.S. stock futures surged on Tuesday as business restarts and optimism about a potential coronavirus vaccine helped investors returning from a long weekend to overlook Sino-U.S. tensions.
Lowe's Cos Inc warned on Wednesday that high spending on do-it-yourself projects by people hunkered down at home due to coronavirus lockdowns would taper off in the coming months, as a deep economic recession looms on the horizon.
Home Depot Inc missed estimates for quarterly profit on Tuesday, as the home improvement chain spent about $850 million on benefits for employees keeping its stores and warehouses running through the COVID-19 pandemic. | Video
Tapestry Inc Chief Executive Officer Jide Zeitlin has been negotiating lower rents for the company's Coach and Kate Spade stores for more than a month, using the brands' power to draw in U.S. mall traffic as leverage in tough talks with landlords.