U.S. Retailers Report Solid Sales Gains for July
A wide range of retailers today reported sales figures for July that beat Wall Street estimates, including Target, J.C. Penney, Macy's, and Saks. Costco reported an impressive 10% increase in sales.
A rebound in manufacturing surprised investors Friday, and strong Nike sales indicated consumers were still shopping, which sent the Dow Jones industrial average up nearly 170 points to end the week with its best gain in two years.
A rebound in manufacturing surprised investors Friday, sending the Dow Jones industrial average up nearly 170 points to end the week with its best gain in two years.
The rally started Monday after Nike reported strong quarterly results indicating that shoppers were still splurging on more expensive sneakers and sportswear.
A report on Friday from the Institute for Supply Management showed that manufacturing across the country had expanded.
(READ the story in the New York Times)
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