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Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.
The Dow Jones Industrial Average screamed higher 298.08 points to 26,260.52,
The S&P 500 recovered 26.82 points to 2,927.33
The NASDAQ climbed 81.83 point, or 1%, to 8,030.40
Target shares surged more than 16% to a record after the retailer posted second-quarter results that topped analyst expectations. The company's same-store sales, a key metric for retailers, expanded by 3.4%. Analysts expected growth of 2.9%.
Lowe's jumped around 10% on its second-quarter earnings report. CEO Marvin Ellison said the company capitalized on strong "holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results."
The better-than-expected results come at a time when traders are worried about a possible U.S. economic slowdown. Those fears have led investors away from riskier assets like equities in favor of traditionally safer assets like gold and Treasurys.
Investors on Wednesday looked ahead to the release of the minutes from the Federal Reserve's meeting in July as they search for any clues on monetary policy. The Fed cut rates by 25 basis points in July, while signaling that it was only a "mid-cycle adjustment" and the central bank was not returning to the stimulus era.
Prices for the benchmark 10-year U.S. Treasury fell back, raisng yields to 1.58% from Tuesday’s 1.55%. Treasury prices and yields move in opposite directions
Oil prices slid five cents to $56.08 U.S. a barrel.
Gold prices were unchanged by noon to $1,515.70 U.S. an ounce.
