Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average I:DJI , the S&P 500 I:GSPC and the Nasdaq I:IXIC traded higher for a fourth straight session. The S&P 500 set an intraday record high.
- Kohl's Corp. (KSS) - Get Report rose after the retailer posted an earnings beat.
- Shares of Toll Brothers Inc. (TOL) - Get Report soared 14% after the luxury homebuilder beat profit and revenue expectations for its fiscal third quarter.
Wall Street Overview
Stocks backed off their highs but still managed to close higher on Tuesday, Aug. 21, after the the S&P 500 I:GSPC traded at a record intraday high earlier in the session. The dollar extended its fall after President Trump criticized the Federal Reserve for raising interest rates.
The Dow Jones Industrial Average I:DJI rose 64 points, or 0.25%, to 25,822, the S&P 500 I:GSPC rose 0.2% to 2863 after earlier setting an intraday record high of 2,873.23. The Nasdaq I:IXIC rose 0.5%.
The dollar index, which measures the greenback against a basket of currencies, was down 0.76% to 95.17 after Trump told Reuters in an interview that he was "not thrilled" with the Federal Reserve under Chairman Jerome Powell, Trump's appointee, for raising interest rates and said the Fed should do more to help him to boost the economy.
"I'm not thrilled with his raising of interest rates, no. I'm not thrilled," Trump said, referring to Powell. Trump nominated Powell last year to replace Janet Yellen as Fed chair.
The U.S. central bank has raised interest rates twice this year and is expected to do so again when it meets in September after consumer price inflation hit 2.9% in July, the highest level in six years.
Kohl's Corp. (KSS) - Get Report reported second-quarter adjusted earnings of $1.76 a share, higher than estimates of $1.64, while revenue was $4.57 billion, above forecasts of $4.27 billion. Same-store sales rose 3.1%.
Kohl's also raised its 2018 outlook for earnings per share and the stock traded flat on Tuesday.
TJX Cos. (TJX) - Get Report posted second-quarter revenue and same-store sales that topped Wall Street forecasts. The retailer said it expects adjusted profit for the fiscal year of $4.10 to $4.14 a share, which is below expectations. The stock jumped 5%.
J.M. Smucker Co. (SJM) - Get Report posted adjusted earnings in its fiscal first quarter of $1.78 a share, 2 cents higher than estimates. Sales of $1.903 billion came in slightly below estimates. Smucker fell 7%.
Toll Brothers Inc. (TOL) - Get Report posted third-quarter earnings of $1.26 a share, up from 87 cents a year earlier, as revenue rose 27% to $1.91 billion. The luxury homebuilder also raised its full-year revenue forecast. Shares soared 14%.
JPMorgan Chase & Co. (JPM) - Get Report rose 0.6% following a CNBC report that said the bank will roll out a digital investing service next week that comes bundled with free or discounted trades. Shares of discount brokers tumbled with TD Ameritrade Holding Corp. (AMTD) - Get Report down 7% and ETrade Financial Corp. (ETFC) - Get Report off 4%.