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Big Bounce for Wall Street

Updated from 4:11 p.m. EST

Stocks in the U.S. were sharply higher Tuesday as an earnings beat by the world's largest retailer and reassurance from the financial sector prompted bargain-hunters to go to work.

The Dow Jones Industrial Average skyrocketed 319.54 points, or 2.46%, to 13,307.09, its second-best point gain of the year. The S&P 500 jumped 41.87 points, or 2.91%, at 1481.05. The Nasdaq Composite, the weakest of the three of late, was the best performer this time, soaring 89.52 points, or 3.46%, to 2673.65.

Leading the Dow was Wal-Mart (WMT - Get Report), which reported a third-quarter profit that rose 8% from a year ago to top Wall Street's estimates. The retailer also said quarterly revenue came in at $91.95 billion, exceeding forecasts.

Additionally, Wal-Mart lifted its profit forecast for the full year. Shares jumped $2.65, or 6.1%, to $45.97.

Home Depot (HD - Get Report) was also out with earnings, although its results were overshadowed by Wal-Mart's. The home-improvement retailer posted a third-quarter profit that dropped nearly 27% from a year ago because of the slowing housing market. Regardless, Home Depot gained 66 cents, or 2.3%, at $29.12.

Much like the previous session, the retail sector was one of the best performers. The S&P Retail Index added 3.9%. Among other subsector index winners, the Amex Airline Index jumped 5.2%, the Philadelphia Semiconductor Sector Index rose 2.2%, and the KBW Bank Index gained 4.9%.
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Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

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