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Target, Lowe's results boost Wall Street; stocks hold gains after Fed minutes

Stock MarketsAug 21, 2019 04:10PM ET
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By April Joyner

NEW YORK (Reuters) - Wall Street's main indexes rose on Wednesday as upbeat earnings from retailers pointed to strength in U.S. consumer demand, and stocks held gains after minutes from the Federal Reserve's meeting last month showed that policymakers had debated a more aggressive rate cut.

U.S. stocks opened solidly higher following better-than-expected results from retailers Target Corp (N:TGT) and Lowe's Cos Inc (N:LOW). Target shares surged 19.4% after the big-box retailer raised its annual earnings forecast. Lowe's shares climbed 10.3% after the home-improvement chain beat profit estimates.

Minutes from the Fed's policy-setting meeting on July 30-31, when the Fed cut rates by 25 basis points, showed that policymakers debated cutting interest rates more aggressively. Some participants preferred a 50-basis-point cut, but the committee was united in wanting to avoid the appearance of being on a path to further rate cuts.

Stocks briefly pared gains following the release of the minutes at 2 p.m. ET (1800 GMT), but then returned to their levels prior to the release.

"The stocks still want to see any evidence that the Fed is going to cut rates," said Willie Delwiche, investment strategist at Baird in Milwaukee.

"I don't think there's anything in here that would be an 'aha!' warning sign to stocks that they're not going to get another rate cut." he said. "But I also think that the longer-term picture of where the market sees rates ending up and where the Fed sees rates ending up might be different right now, and that's going to have to get resolved at some point."

The Dow Jones Industrial Average (DJI) rose 268.33 points, or 1.03%, to 26,230.77, the S&P 500 (SPX) gained 24.63 points, or 0.85%, to 2,925.14 and the Nasdaq Composite (IXIC) added 75.65 points, or 0.95%, to 8,024.21.

Target, Lowe's results boost Wall Street; stocks hold gains after Fed minutes
 

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Hank Williams
Hank Williams Aug 21, 2019 1:57PM ET
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The Fed should make a statement and raise rates.
Hank Williams
Hank Williams Aug 21, 2019 1:56PM ET
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How long is WS going to take care of the inept?
Munna Sahu
Munna Sahu Aug 21, 2019 1:24PM ET
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what about gold ?
Julien Lapointe
Julien Lapointe Aug 21, 2019 1:24PM ET
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down after 2
Bill Bob
Bill Bob Aug 21, 2019 11:57AM ET
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feds can make a rally or break this market
Eric Haberman
Eric Haberman Aug 21, 2019 9:49AM ET
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like bill Maher said, we need a depression to get trump out
Jeff B
Jeff B Aug 21, 2019 8:42AM ET
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recession can not be avoided, adding to the deficit is not a viable option just to improve Trump's odds of reelection.
AMY gupta
Rambo1 Aug 21, 2019 8:07AM ET
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Market will break 293 on spyand blast upside per techicals
King Pin
kingpin22 Aug 21, 2019 8:00AM ET
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Futures were up before Target/Lowes released earnings and so far have not gone higher, they've actually gone lower... misleading...
 
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