Retailers lead U.S. stocks higher after Target earnings
— Stocks little changed after Fed minutes show split over future rate
U.S. stocks climbed Wednesday, supported by a bounceback in shares of retailers.
The moves extended a volatile stretch for the companies, many of which have been grappling with e-commerce competition and mixed earnings. Brick-and-mortar stores were among the worst performers in the S&P 500 a day earlier.
The Dow Jones Industrial Average rose 25.88 points, or 0.1%, to 22024.87 in its fourth straight session of gains. The S&P 500 gained 3.50 points, or 0.1%, to 2468.11 and the Nasdaq Composite advanced 12.10 points, or 0.2%, to 6345.11.
Target rose $1.96, or 3.6%, to $56.31, helping to lead retail shares higher after the company raised its full-year earnings outlook and reported same-store sales growth that outpaced analyst expectations in the most recent quarter. Gap, Best Buy and Dollar Tree were also among the S&P 500’s best performers.
“Target really knocked it out of the park,” said Chris Gaffney, president of EverBank World Markets. “All of a sudden, people are saying the consumers are showing some strength again,” he said.
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