U.S. Stocks Open Higher on Strong Durable Goods; Kohl’s to Close Stores

U.S. stocks started Thursday’s trading session higher as durable goods orders for January came in better than expected.
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U.S. stocks kicked off Thursday’s trading session higher as durable goods orders for January came in better than expected. Though global markets largely dismissed the 6.4% drop in China’s Shanghai Composite Index. Stocks plunged amid worries about growth in the world’s second largest economy. Meanwhile, on the earnings front, Best Buy (BBY) reported a better than expected fourth quarter on the top and bottom lines, but same store sales fell 1.8%, showing the consumer is still cautious. But analysts say consumer confidence is set to pick up. ‘The continuance of these low gas prices and the continuance of perhaps a dovish Fed, should lead to higher consumer confidence and be generally positive for the sector going forward,’ said Stewart Warther, a U.S. equity and derivatives strategist at BNP Paribas, based in New York. Meanwhile, Kohl's Corporation (KSS) reported fourth quarter earnings of $1.67 a share, beating estimates of $1.55 a share. Revenue came in at $6.4 billion, matching estimates. Comparable store sales rose just 0.4% and the company says it will close 18 stores. TheStreet’s Scott Gamm has details from Wall Street.