Stock Market News: Target Takes a Hit; Hershey Looks Sweet
Stock market investors have waited for Washington to get in gear with legislation to support the economy through the coronavirus pandemic, and they finally got their wish Wednesday morning. A deal among key lawmakers in the Senate and House of Representatives set the stage for $2 trillion in economic stimulus, with provisions aimed to help individuals, small businesses, and large players in industries hit hardest by the COVID-19 outbreak. Because investors had largely anticipated the package, however, the moves to the market were muted. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 419 points to 21,124. However, the S&P 500 (SNPINDEX: ^GSPC) rose a more modest 13 points to 2,460, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) actually dropped 5 points to 7,412.
Companies have had a lot of difficulty trying to predict what their immediate results will look like, and retail giant Target (NYSE: TGT) finally admitted that it just won't be able to provide much guidance until things resolve somewhat. Meanwhile Hershey (NYSE: HSY) got a vote of confidence from stock analysts looking for ports in the coronavirus storm.
Shares of Target fell 5% Wednesday morning, recovering from steeper losses earlier in the session. The department store retailer issued a new business update that highlighted the unique challenges the coronavirus outbreak has caused.
Source Fool.com
