Investor sentiment and business confidence continues to ride the high from strong Q1 results for retail and strong economic data sending Wall Street to record closes.
Bloomberg Consumer Comfort Index identified optimism about personal finances as its buying-climate gauge ascended to 46.7, its highest since December 2001, from 44.8.
The Dow strode to another record setting at 21,082.95 up 0.34% at close. NASDAQ rose 42 points to 6,205.26 and S&P 500 was up +0.44% to 2,415.07.
- Dow 21,082.95 +0.34%
- S&P 500 2,415.07 +0.44%
- NASDAQ 6,205.26 +0.69%
- Russell 2000 1,383.39 +0.06%
- NYSE Composite 11,639.30 +0.16%
- Gold 1,249.00 -0.73%
- Oil WTI 48.71 -5.16%
- 10-year yield 2.26% -0.01
NASDAQ flew close to the sun just off from its 52-week high of 6,217. Twenty-First Century Fox was a big mover on the index +2.10% to $27.23 as was A-Mark Precious Metals up +2.11% to $15.95.
The biggest decliner was finance company, Amerco, which plunged -10.09% to $353.40. Home builder AV Homes fell -1.53% to $16.10
Oil prices dived below $50 a barrel after OPEC confirmed extended plans to limit production for a further nine months to a less-than-enthusiastic market which wanted deeper cuts to tackle the global glut.
The energy sector was also affected trading down on the S&P 500 close to 1.8%.
Best Buy and Ulta Beauty - standouts in retail crowd
The consumer discretionary sector was the best performer on the S&P 500 underscoring consumer resilience. Retail trade sector registered an +8.06% change over 3 months on the index.
Electronics retailer, Best Buy Co, posted solid Q1 results comfortably beating analysts’ expectations, its share price rising +22.09% to $61.54. Online sales and gaming helped to propel profits. Earnings increased 40% year over year.
Other retailers got a boost including Christopher & Banks Corp, which spiked up +14.76% to $1.21.
Ulta Beauty Inc also beat expectations and saw its price rise +8.91% to $305.49 after releasing its first quarter results at close showing diluted EPS increased 41.4% to $2.05 and its net sales increased 22.5% to $1.3 bn.
Mary Dillon, Chief Executive Officer of the beauty and salon company commented: “Strong execution of our growth strategies delivered above plan sales and earnings growth. Our results reflect continued newness and innovation in merchandising, successful marketing programs, steady progress in our salon business and exceptional growth in e-commerce.”