Target Lifts Stock Markets to New Records, but TJX Reveals More Retail Red Ink
Indexes routinely experience summer rallies, but the strength of the advances that the major benchmarks have enjoyed since the worst of the coronavirus bear market in March has been nothing short of monumental. Just after 11 a.m. EDT Wednesday, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 78 points to 27,856, leaving it as the only one of the three major indexes not to be at new record highs. The the S&P 500 (SNPINDEX: ^GSPC) picked up 5 points to 3,395, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) rose 15 points to 11,226.
Interestingly, it was the ailing retail sector that helped spur confidence in the market Wednesday morning. Target (NYSE: TGT) showed that even well-known department store specialists can find ways to impress investors with financial results. Yet the mood wasn't all good, as TJ Maxx parent TJX (NYSE: TJX) sank after it reported losses in its most recent quarter.
Shares of Target soared 13% as investors celebrated the retailer's second-quarter financial results. Target showed that it could successfully pivot even amid all the challenges of the coronavirus pandemic, and that has shareholders feeling more confident than ever about the company's future.
Source Fool.com
