Daily Market Wrap: August 14, 2012 Tuesday, August 14, 5:02 PM ET
The markets got off to a positive start this morning fueled by better than expected economic news and a strong retail sales report.
The Commerce Department is reporting that retail sales increased in July for the first time in 4 months, with a 0.8 percent increase, beating economists' expectations.
Business inventories inched up just slightly, up 0.1 percent in June, according to the Commerce Department. This follows a gain of 0.3 percent in May.
Among retailers, Michael Kors (NYSE:
KORS) beat earnings expectations and also upped its full-year earnings forecast, sending shares higher today.
TJX) posted a 21 percent increase in second quarter net income, and the discount retailer also boosted it's full-year earnings outlook. TJX shares were also trading higher today.
Tomorrow, we'll take a look at the numbers for weekly mortgage applications as well as earnings results from Target (NYSE:
TGT) and Cisco (NASDAQ: CSCO).
For Marketnewsvideo.com, I'm Sayoko Murase.
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Tuesday Sector Laggards: Music & Electronics Stores, Precious Metals
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Tuesday's ETF with Unusual Volume: FRN
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Tuesday's ETF Movers: IYT, XOP
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Daily Market Wrap: August 14, 2012
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