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Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe’s lifted investor sentiment.
The Dow Jones Industrial Average closed 240.29 points higher, or 0.9%, at 26,202.73. The S&P 500 gained 0.8% to close at 2,924.43. The Nasdaq Composite jumped 0.9% to 8,020.21. The major indexes held on to their gains even after the bond market flashed a recession signal in the last hour of trading.
The article goes on to state the following:
The better-than-expected results come at a time when traders are worried about a possible U.S. economic slowdown. Those fears have led investors away from riskier assets like equities in favor of traditionally safer assets like gold and Treasurys.
“A very mild recession could begin in 2020 but the stock market data don’t support that just yet. That could change in the next rally, but it doesn’t support it right now,” said Paul Schatz, president at Heritage Capital.
— Washington Examiner (@dcexaminer) August 21, 2019
Dow up more than 200 points after Fed minutes Martketwatch https://t.co/9ssKNHmgfh
— Michael Kucala (@MichaelBKucala) August 21, 2019
Dow jumps 200 points at the open, Target and Lowe’s surge on strong earnings. 🤞🏻🤞🏻🤞🏻 pic.twitter.com/SVdXmiiN5t
— Organisation 13 (@13_organisation) August 21, 2019
Dow ends with 200-point gain after Fed minutes https://t.co/aOSspdZ1iT
— MarketWatch (@MarketWatch) August 21, 2019
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