This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

S&P 500 Snaps 4-Day Losing Streak

Stocks in this article: ^DJI^GSPC^IXICBBYURBNJCPTJX

NEW YORK ( TheStreet) -- The S&P 500 snapped a four-day losing streak as upbeat retail earnings reports provided investors with some relief from the constant Federal Reserve tapering chatter plaguing markets worldwide. Treasuries were also stabilizing Tuesday.

The S&P 500 rose 0.38% to 1,652.35. The Dow Jones Industrial Average dropped 0.05% to 15,002.99. The Nasdaq added 0.68% to 3,613.59.

Best Buy (BBY) was the sharpest gainer in the S&P 500, popping 13.2% to $34.80 after the consumer electronics retailer exceeded second-quarter earnings and revenue estimates amid ongoing cost-cutting efforts.

Urban Outfitters ( URBN ) was the next biggest advancer, increasing 8.2% to $43.19 after the teen apparel retailer beat second-quarter earnings estimates by 3 cents at 51 cents a share as same-store sales improved by 9% despite a challenging retail environment.

J.C. Penney (JCP) advanced 6% to $14.01 even after the Plano, Texas-based company reported a wider-than-expected second-quarter loss, as there are signs that perhaps the struggling department store chain is finally starting to turn things around.

TJX Cos. (TJX) gained 6.9% to $54.24 after the discount retailer and owner of TJ Maxx reported better-than-expected second-quarter results and raised its full-year earnings outlook to $2.74 to $2.80 a share from $2.70 and $2.78 a share as thrifty shoppers flocked to its chains.

Investors hope to gain more insight into the Fed's stimulus reduction plans through the Federal Open Market Committee's July minutes to be published Wednesday as well as from any key developments out of the Kansas City Fed's annual Jackson Hole Economic Symposium, which begins on Thursday.

The benchmark 10-year Treasury was rising 18/32, diluting the yield to 2.819% and taking a breather from the steep, tapering-fear triggered selloffs of the prior sessions as the emerging market equities sank overnight on these anxieties and triggered a flight to quality.

"We need a little more hard data and a lot more information from the Fed before this wave of uncertainty will die down," Andrew Wilkinson, the New York-based chief economic strategist at Miller Tabak wrote in a note. "Regardless of whether or not the September FOMC meeting delivers the onset of tapering, which we think it will, what we do know is that the Fed wants to dispense with the program at some point during 2014."

December gold futures rose $6.90 to settle at $1,372.60 an ounce and October crude oil futures fell $1.75 to $105.11 a barrel.

-- Written by Andrea Tse and Joe Deaux in New York

>To contact the writer of this article, click here: Andrea Tse.>

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs