Wal-Mart Stores Inc (NYSE: WMT) announced its second quarter results today and they were mixed. While revenue was less than expected and same-store sales fell 1.8 percent, earnings per share and quarterly profit beat analyst’s expectations.
Home Depot Inc’s (NYSE: HD) also released their quarterly results today and they held some surprises as the company’s earnings per share exceeded expectations. Unfortunately, the 1.8 percent increase in sales was less than analysts had expected.
In further mixed economic news, the Commerce Department released a statement today that new residential construction had increased slightly in July while permits for new housing declined. Analysts had expected a 2 percent increase in new construction for July, so the actual 1.7 percent increase missed those expectations.
While this data was not a clear indication of a strengthening economy, it was enough to lend investors some confidence and as a result The Dow Jones Industrial Average rose 103.84 points to 10,405.85, finally breaking the string of declines of the past five consecutive days. The Nasdaq was up 27.57 points to 2,209.44 and the S&P 500 rose 13.16 points to 1,092.54.
European markets were up on Tuesday while Asian markets were mixed.
