Markets closed higher on Wall Street: DJI +0.09% SP500 +0.15% Nasdaq +0.28% Gold +0.24%
The markets were up today because:
- Retail giant Target (TGT) reported earnings up 14%. Although analysts were a bit disappointed, Target announced they are getting their credit card business shored up. This helped boost the entire retail sector as traders covered shorts in fear then end of the world may not arrive as advertised by bears. Yesterday, Walmart (WMT) and Home Depot (HD) had better things to say >
- Chip Maker Analog Devices (ADI) said things are still looking OK. Industrial and communications infrastructure markets are not pulling back spending as much as analysts feared.
- General Motors (GM) filed for an IPO. The embattled car manufacturer will also issue preferred stock to raise funds because the common shares will only pay back other shareholders. The U.S. Treasury should recoup 61% of its stake in GM after bailing out the company to the tune of $50 billion. Don’t miss our Cheat Sheet to which other companies are slated for hot IPOs >