Investors cheered earnings news from several retailers, including Best Buy, Dollar Tree and L Brands. Sears fell sharply after reporting
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NEW YORK — Stocks are closing higher following an encouraging report on Chinese manufacturing and improving earnings from several U.S. retailers.
Best Buy, Dollar Tree, and L Brands rose after reporting better results. Homebuilders rose following a modest increase in sales of previously occupied homes.
A survey from HSBC suggested the slowdown in China’s economy is flattening. May’s reading on China’s manufacturing sector was the best in five months.
The Standard & Poor’s 500 index rose four points, or 0.2 percent, to close at 1,892 today.
The Dow Jones industrial average increased 10 points, or 0.1 percent, to 16,543. The Nasdaq composite gained 22 points, or 0.6 percent, to 4,154.
Bond prices fell slightly. The yield on the 10-year Treasury note edged up to 2.55 percent.