-- Thursday, August 22, 2019, 9:58 --
U.S. stocks opened higher on Thursday, as investors considered corporate earnings, digested European economic data and awaited a remarks from the head of the Federal Reserve Friday. The Dow Jones Industrial Average lately rose 171.65 points, or 0.66%, to 26,374.38. The S&P 500 climbed 13.47 points, or 0.46%, to 2,937.90. The Nasdaq Composite climbed 22.82 points, or 0.28%, to 8,043.03.
Oil futures gained ground Thursday, stabilizing as investors appeared to turn their focus back to supply concerns. West Texas Intermediate crude for October delivery rose 63 cents, or 1.1%, to $56.31 a barrel, while October Brent crude advanced 39 cents, or 0.6%, to $60.69 a barrel.
The economy had about 501,000 fewer jobs as of March 2019 than the Bureau of Labor Statistics initially calculated in its survey of business establishments. That’s the largest revision since the waning stages of the Great Recession in 2009.
The eurozone economy’s composite PMI rose to a two-month high in Thursday and outperformed slightly against consensus expectations. The composite output PMI rose to 51.8, just over the neutral level of 50 separating contraction and expansion.
Nordstrom (JWN) beat low expectations for second-quarter earnings. It reported earnings per diluted share of $0.90 for the second quarter ended August 3, 2019. Total Company net sales decreased 5.1 percent in the second quarter.
L Brands (LB), the parent company for Victoria’s Secret and Bath & Body Works, also surpassed bottom-line expectations for the second quarter, while sales came up short. Reported earnings per share for the second quarter ended Aug. 3, 2019, were $0.14 compared to $0.36 for the quarter ended Aug. 4, 2018. Net sales of $2.902 billion for the quarter ended Aug. 3, 2019, compared to sales of $2.984 billion for the quarter ended Aug. 4, 2018.
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