pcloudy.png
Saturday June 6th, 2020 7:41AM

US stocks move broadly higher, trimming some weekly losses

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — U.S. stocks moved broadly higher in morning trading on Wall Street Thursday following two days of losses.

The early gains are helping to cut some of the broader market's weekly losses, but it is still on track for its fourth consecutive weekly loss and its first monthly loss of the year. Stocks have been sliding in volatile trading all month as investors come to grips with an escalating trade war's potential impact on corporate and economic growth.

Technology companies led the early gains. Intel rose 1.8% and Micron rose 2.6%. Keysight Technologies surged 11.2% after beating analysts' first quarter profit forecasts.

Industrial companies and banks were also moving broadly higher. Ingersoll-Rand rose 1.1% and Deere rose 1.1%. Citigroup gained 1.3%.

Clothing and apparel makes were weighed down by weak financial results. PVH, which owns Calvin Klein, plunged more than 12% after cutting its forecast for the year. Watchmaker Movado fell 7% after reporting weak earnings.

KEEPING SCORE: The S&P 500 index rose 0.5% as of 10 a.m. Eastern time. The Dow Jones Industrial Average rose 71, or 0.3%, to 25,195. The Nasdaq composite rose 0.6%

WRINKLED FORECAST: PVH, the owner of the Calvin Klein and Tommy Hilfiger brands, plunged 12.5% after cutting its full year profit forecast because of weak sales. PVH cited weak sales in the U.S. and China and put some of the blame on the ongoing trade war between the world's two biggest economies.

PVH said the forecast includes the impact of tariffs. It is the latest retailer suffering from the fallout of the ongoing trade war between the U.S. and China. Retailers have seesawed this week as they express concern over tariffs squeezing their businesses.

Abercrombie & Fitch, Canada Goose and Versace-owner Capri Holdings all gave weak forecasts this week.

DOLLAR DEALS: Dollar General rose 6.8% and Dollar Tree rose 3.8% after the discount retailers gave investors solid quarterly earnings results.

Dollar General beat forecasts for a key sales measure at established stores. It pegged part of that growth to customers buying more groceries and seasonal items.

Dollar Tree matched profit forecasts while beating revenue forecasts for the quarter.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US stocks move broadly higher, trimming some weekly losses
Stocks move higher in morning trading, led by technology companies and banks
10:16AM ( 5 minutes ago )
US pending home sales fell 1.5% in April
Pending home sales down 2% annually, a sign that years of rising prices have hurt affordability despite recent declines in mortgage rates
10:02AM ( 19 minutes ago )
Saudi Arabia asks nations to respond to Iran with 'firmness'
Saudi foreign minister: Muslim nations must confront recent attacks blamed on Iran with 'force and firmness'
10:01AM ( 20 minutes ago )
Associated Press (AP)
Prosecutors push back on enforcing new state abortion laws
New state abortion laws likely to become bogged down in legal challenges face another potential obstacle from prosecutors who refuse to enforce them
9:00AM ( 1 hour ago )
US-China trade dispute weighing on retail sector
The trade dispute between the U.S. and China is weighing on the retail sector, with shares of many in the industry falling in premarket trading
8:51AM ( 1 hour ago )
US economy grew at solid 3.1% rate in Q1
US economy grew at solid 3.1% rate in Q1 but economists see significant slowdown in current quarter
8:36AM ( 1 hour ago )
AP Business
New Zealand's 1st 'well-being budget' targets mental health
New Zealand's government says it will spend billions of dollars more on mental health services and combatting child poverty as part of a new approach to its finances
11:45PM ( 10 hours ago )
'The Profit' says the big flag stays even if he goes to jail
The man known as television's 'The Profit' says he'll go to jail rather than bow to a lawsuit and remove a huge American flag flying over one of his company's recreational vehicle stores
5:04PM ( 17 hours ago )
Climate change debate in the focus at Exxon's annual meeting
Activist shareholders bash Exxon Mobil over climate change
4:23PM ( 17 hours ago )
AP Business - Corporate News
Europe shares rise after drop in Asia, fall on Wall Street
European shares are mostly higher in early trading after a drop in Asia that followed another round of selling on Wall Street
4:33AM ( 5 hours ago )
Asian stocks mostly fall on Wall Street slide, trade fears
Asian shares are mostly lower after another round of selling on Wall Street amid investor worries about a trade war
2:15AM ( 8 hours ago )
California Assembly votes to tighten rules on contractors
With an eye toward gig economy, California Assembly votes to tighten rules on independent contractors
12:41AM ( 9 hours ago )
AP Business - Economy
World stocks tumble as China-US jitters set in
World markets retreat again as fears that China-US dispute could weigh on growth
7:36AM ( 1 day ago )
World stocks retreat as China-US jitters set in
World markets retreat on fears that China-US dispute would simmer and weigh on growth
5:23AM ( 1 day ago )
Asian stocks retreat as China-US jitters set in
Asian markets retreat on fears that China-US dispute would simmer and weigh on growth
3:04AM ( 1 day ago )
AP Business - Financial Markets
US pending home sales fell 1.5% in April
Pending home sales down 2% annually, a sign that years of rising prices have hurt affordability despite recent declines in mortgage rates
10:02AM ( 19 minutes ago )
Saudi Arabia asks nations to respond to Iran with 'firmness'
Saudi foreign minister: Muslim nations must confront recent attacks blamed on Iran with 'force and firmness'
10:01AM ( 21 minutes ago )
Trump says not involved in keeping McCain ship out of sight
AP sources: White House wanted the Navy to keep its warship the USS John S. McCain out of President Donald Trump's sight during his recent trip to Japan
10:01AM ( 21 minutes ago )
Trump: Mueller is a 'never Trumper,' who led a biased probe
President Donald Trump is blasting special counsel Robert Mueller, saying he's a "never Trumper" who led a biased investigation on Russia's meddling in the 2016 election
9:52AM ( 30 minutes ago )
The Latest: Serena Williams reaches 3rd round at French Open
Serena Williams advanced to the third round of the French Open by beating Kurumi Nara 6-3, 6-2 on Court Philippe Chatrier
9:44AM ( 37 minutes ago )