Closing Bell: S&P 500, Tech Shares Make Gains as Blue Chips Slide

DailyFinance Staff
Updated
NEW YORK, NY - AUGUST 19: Traders work on the floor of the New York Stock Exchange on August 19, 2013 in New York City. Having dropped for two consecutive weeks, the Dow Jones industrial average was up slightly in morning trading. (Photo by Spencer Platt/Getty Images)
Spencer Platt/Getty Images

Stocks ended Tuesday's trading mixed despite better-than-expected earnings reports from several major retailers.

The Dow Jones industrial average (^DJI) lost 8 points, or 0.05 percent, to 15,003, falling for the fifth day straight day and continuing its longest losing streak of the year. The Standard & Poor's 500 index (^GPSC) rose 6 points, or 0.4 percent, to 1,652, and the Nasdaq composite index (^IXIC) gained 25 points, or 0.7 percent, to 3,613.

Retailers that reported earnings earlier in period disappointed investors and the stocks took a beating. But not so Tuesday. Best Buy, Home Depot and J.C. Penney each rose after they posted quarterly their results.

Best Buy (BBY) jumped 13.2 percent to $34.78, after the world's largest consumer-electronics chain reported a higher quarterly profit. Home Depot (HD) shares added 1.2 percent to $74.29 after the world's largest home improvement chain raised its yearly outlook. J.C. Penney (JCP) stock gained 6 percent to $14.01 after the troubled retailer said the back-to-school season has so far been "encouraging."

Ally Financial, the former financing arm of General Motors (GM), plans to sell 1 billion of unlisted shares to investors and repay taxpayers nearly $6 billion taking a big step closer to exiting U.S. government control. With the transactions, Ally will have repaid the Treasury about $12.1 billion of the $17.2 billion taxpayer bailout it received during the financial crisis.

More Stocks in the News:

  • TJX Cos. (TJX), the owner of the discount T.J. Maxx and Marshalls chains, reported better-than-expected quarterly sales, bucking a trend of weak results at a host of retailers. The shares gained nearly 7 percent to $54.24.

  • Urban Outfitters (URBN) shares gained 8.2 percent $43.19 a day after the apparel retailer's quarterly profit beat market estimates.

  • Barnes & Noble (BKS) shares tumbled more than 12 percent to $14.61 after the book retailer reported a steeper quarterly loss and its founder dropped his plan to buy the company's stores.

  • Shares of tech-bellwether Intel (INTC) rose 1.1 percent at $22.52, the biggest gainer on the Dow, while Cisco Systems (CSCO) jumped nearly 0.2 percent to $24.32.

  • China-based Trina Solar (TSL) reported a smaller quarterly loss as it shipped more solar panels to newer markets and diversified sources of revenue. Its shares rose 15.4 percent to $7.82.

  • Shares of Corinthian Colleges (COCO) jumped 11.6 percent to $2.40 after the for-profit education company said it met a government financial responsibility standard to participate in federal financial aid programs for students.

What to Watch Wednesday:

  • The National Association of Realtors reports existing-home sales for July at 8:30 a.m. Eastern time.

  • The Federal Reserves releases minutes from the its July interest-rate meeting at 2 p.m.

These major companies are scheduled to report quarterly corporate earnings:

  • American Eagle Outfitters (AEO)

  • Hewlett-Packard (HPQ)

  • L Brands (LTD)

  • Lowe's Cos. (LOW)

  • PetSmart (PETM)

  • Staples (SPLS)

  • Target (TGT)

  • Toll Brothers (TOL)

-Compiled from staff and wire reports.

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