Stocks head for slightly higher open after rally
NEW YORK (AP) — Stocks looked to open modestly higher today after retailer Target Corp.’s earnings report was better than the market expected.
Dow Jones industrial average and Standard & Poor’s 500 futures rose after the discount retailer met analysts’ forecasts for its second quarter earnings but beat expectations for its revenue. Target’s report comes a day after Wal-Mart Stores Inc. and Home Depot Inc. helped feed the stock rally with upbeat numbers.
Retailers that are doing well or raising their forecasts have given investors some reassurance about consumer spending, particularly because the second half of the year includes the holiday shopping season. Investors are waiting to see if consumers will pick up their spending and help restore some momentum to the economic recovery.