By Anora Mahmudova and Sara Sjolin, MarketWatch
DuPont slumps after company wins proxy fight
U.S. stocks moved higher on Wednesday, following a report on
monthly retail sales that came in weaker than expected, as
investors bet that the Fed would delay interest rate increases this
year due to sluggish economic growth.
Sales at U.S. retailers remained flat last month, suggesting
consumers continued to be thrifty despite cheaper gasoline
prices.
The S&P 500 (SPX) rose 10 points, or 0.5%, to 2,109, with
eight of its 10 main sectors gaining in early trade.
The Dow Jones Industrial Average (DJI) gained 60 points, or
0.3%, to 18,129.
The Nasdaq Composite (RIXF) added 32 points, or 0.7%, to
5,008.73.
Data:Sales at U.S. retailers were flat in April
(http://www.marketwatch.com/story/us-retail-sales-flat-in-april-continue-to-slow-2015-05-13)as
Americans continued to be thrifty shoppers, a trend that's
intensified since the end of last summer despite cheaper gasoline.
American spent more at restaurants and Internet sites, but they cut
back on purchases of autos, home furnishings, electronic goods and
fuel.
The prices the U.S. paid for imported goods fell 0.3% in April,
as the lower cost of goods such as food and industrial supplies
offset a rise in petroleum. Excluding fuel, import prices fell by
0.4% last month, the Labor Department said Wednesday.
Such a slowdown would further underline the "general cooling of
economic data that has been coming out of America, and partially
[explain] why currency markets have generically pushed the date for
interest rate rises out to September," said Alastair McCaig, market
analyst at IG in a note.
Stocks to watch: Shares of Dow component Dupont Co. (DD) fell
around 6% after shareholders rebuffed a campaign
(http://www.marketwatch.com/story/dupoint-beats-peltzs-trian-in-proxy-fight-2015-05-13)
by activist investor Nelson Peltz to take seats on the chemical
firm's board.
Department-store chain Macy's Inc.(M) reported
weaker-than-expected sales and profit in the first quarter. Shares
declined more than 1%.
Ralph Lauren Corp.(RL) shares fell 1% after the retailer said
earnings in the first quarter fell 19% as foreign-currency impacts
weighed on the apparel company's underlying revenue growth.
After the market closes, Shake Shack Inc
(http://www.marketwatch.com/story/what-to-look-for-in-shake-shack-earnings-2015-05-12).(SHAK),
Cisco Systems Inc.(CSCO) and J.C. Penney Co.(JCP) are slated to
report.
Shares of Hortonworks Inc.(HDP) jumped 7% after the
data-software company late Tuesday reported a
narrower-than-expected loss
(http://www.marketwatch.com/story/hortonworks-revenue-billings-up-sharply-2015-05-12)
for the quarter.
Pall Corp.(PLL) shares rose 5% after announcing a deal
(http://www.marketwatch.com/story/pall-corps-stock-surges-after-deal-to-be-bought-out-by-danaher-2015-05-13)
to be acquired by Danaher Corp. (DHR)
Williams Partners L.P.(WPZ) is up 23% after gas infrastructure
company Williams Companies Inc.(WMB) announced an agreement to buy
the public equity of Williams Partners in a stock deal valued at
$13.8 billion
(http://www.marketwatch.com/story/williams-partners-stock-soars-on-buyout-deal-with-williams-companies-2015-05-13).
Other markets: European markets moved firmly higher
(http://www.marketwatch.com/storyno-meta-for-guid), also recovering
from the bond-market-inspired slump on Tuesday. Additionally, fresh
data showed the region's economy is picking up
(http://www.marketwatch.com/story/eurozone-gdp-picks-up-boosted-by-france-italy-2015-05-13),
with France and Italy returning to expansion.
Asian markets closed mixed.
The dollar moved lower against most other currencies, while oil
(http://www.marketwatch.com/storyno-meta-for-guid) and most metals
advanced.
On Wednesday, China's Finance Ministry, central bank and top
banking regulator announced a debt-for-bond swap program
(http://www.marketwatch.com/story/china-stimulus-aims-at-restructuring-trillions-in-local-government-debt-2015-05-13-71035643)
aimed at giving provinces and cities some breathing room in
repaying debts.
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