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By Staff Reporters
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U.S. equities rose in a somewhat subdued session amid a holiday-shortened week, with the markets closed on Thursday for Thanksgiving and trading in an abbreviated session on Friday. Equity reports provided some positive earnings surprises, as Dell Technologies bested expectations, as did Dollar Tree, but the company tightened its full-year earnings outlook to the lower half of its previous guidance. Best Buy also beat forecasts, while it offered optimistic guidance and said it will resume its share repurchase program after pausing it in Q2, and Dick’s Sporting Goods rallied in the wake of its quarterly results. And, both Abercrombie & Fitch and American Eagle popped by double digits after topping earnings projections.
Today’s economic calendar was light, with the most notable report being the Richmond Fed Manufacturing Index, which remained in contraction territory.
Treasury yields were mostly lower, and the U.S. dollar declined, while crude oil prices gained ground, and gold was nearly flat.
Asian stocks ended mixed and European stocks were mostly higher, as investors focused on China’s response to its growing number of COVID cases.
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Filed under: Alerts Sign-Up, Alternative Investments, Investing | Tagged: DAILY UPDATE: Positive Corporate Earnings Drive Stocks, positive earnings, Richmond Fed Manufacturing Index, stocks drive |
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