Reuters Insider - Dow up more than one percent, again
09/01/2015 04:39
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Source: Thomson Reuters
Description: Stocks rallied for the second session in a row, in
a broad advance just a day ahead of the closely
watched jobs report. Bobbi Rebell reports.
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Transcript (May be auto-generated)
Stocks surging for the second day in a row. Data suggesting a tighter labor
market and hopes for more aggressive action by the European Central Bank spurred
buying. Just one day before the monthly jobs report, weekly jobless claims fell
slightly from the prior week. In corporate earnings, the struggling teen retail
sector delivered a brighter outlook after a good holiday season. American Eagle
upped its quarterly profit forecast and Aeropostale expects to lose less money
than it had initially estimated. Thomson Reuters Retail Analyst Jharonne Martis
says that bodes well for discretionary spending overall. The fact that American
Eagle and Aeropostale came with better outlooks today suggests that there's an
improvement, and also the fact that parents are feeling better about giving
their kids $100 for distress jeans. So, it shows that consumer sentiment is
definitely improving. But discount retailer Family Dollar's profits got creamed,
widely missing Wall Street's targets. Same-store sales fell and the shift from a
focus on promotions to an everyday low-price strategy cut into its bottom line.
And after the market closed on Thursday, Macy's announcing a major
restructuring, putting pressure on the retailer's shares in after-hours trading.
Robust beer sales helped Constellation Brands boost profits and beat estimates.
The alcoholic beverage giant behind brands like Modelo Especial and Corona
boosted its full year outlook. Investors wiped out nearly half of Apollo
Education. Share gains from October disappointing them. Fewer students enrolled
at the for-profit operator of colleges and profits plunged. Kate Spade stock
sank on a downgrade from BMO Capital. It says the company has increased
promotions amid heated competition and slower growth in accessories could hurt
Kate Spade. In Europe, a rally in retail stocks and dovish minutes from the Fed
Reserve helped push shares higher