Today's market news was dominated by two events. The first is that Wal-Mart Stores, Inc. (NYSE: WMT) reported earnings a bit better than expected and had a forecast that was a bit better than expected, to. Traders were left to ponder whether this means a modest return of the consumer or whether Wal-Mart is just that much better than its competition.
The government coincidentally announced July retail sales which were helped by the automotive "clunkers" program. Most analysts were surprised that the figure dropped .1%. The two pieces of news made traders reflect on the reality that the recession may be ending but the collateral damage is not.
Because no day can go by without some news on housing, there was date from RealtyTrac that foreclosures rose 7% last month compared to June.
The day's unofficial numbers:Dow 9,399.17 +37.56 (0.40%)
S&P 500 1,012.84 +7.03 (0.70%)
Nasdaq 2,009.35 +10.63 (0.53%)
The Las Vegas Sands (NYSE: LVS) rose 10% to $13.61 when it disclosed that the credit facility for its Macau property was improved.
E*Trade (NASDAQ: ETFC) sold off slight as word got out that its largest investor will sell shares.
Not enough happened for traders to waste time in the office today. They would have been better off playing golf.
Douglas A. McIntyre is an editor at 24/7 Wall St.
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