Investors cheered earnings news from several retailers, including Best Buy, Dollar Tree and L Brands. Sears fell sharply after reporting
ASSOCIATED PRESS Enlarge
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.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.