By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market rebounded
Wednesday, helped by results from retailers Target Corp. and
Tiffany & Co., and ahead of speeches from Federal Reserve
officials including Fed Chairwoman Janet Yellen.
Investors await the minutes from the latest Federal Open Market
Committee meeting due at 2 p.m. Eastern for clues about the first
rate hike.
The S&P 500 (SPX) rose 9 points, or 0.5%, to 1,882.29, with
gains across all ten main sectors. The Dow Jones Industrial Average
(DJI) jumped 101 points, or 0.6%, to 16,476.89. The Nasdaq
Composite (RIXF) gained 20 points, or 0.5%, to 4,118.90.
Follow MarketWatch's live blog of today's stock-market
action.
Retail companies were in the spotlight again with several
earnings releases ahead of the opening bell.
Shares of Tiffany (TIF) jumped 8.9% after the luxury-jewelry
maker reported sales and earnings that beat estimates, and it
lifted its outlook for fiscal 2015.
Target (TGT) shares gained 0.7% after the discount chain posted
adjusted quarterly earnings of 70 cents a share, versus forecasts
for 71 cents, on sales that roughly matched expectations. On
Tuesday, the company replaced the president of its struggling
Canadian business.
Retail stocks were hit on Tuesday, contributing to broad losses,
after disappointing earnings from TJX Cos. (TJX) and Staples Inc.
(SPLS) among others.
Home-improvement retailer Lowe's (LOW) on Wednesday reported
first-quarter earnings that came in ahead of analyst expectations
by one penny a share, but sales missed estimates. Lowe's also
lifted its per-share earnings view for 2015. Shares were last down
2%.
PetSmart Inc. (PETM) dropped 6.2% after it reduced its outlook
as it delivered its quarterly results.
Yellen, Dudley speeches, minutes ahead
Investors will get a look at the minutes of the latest Fed
meeting at 2 p.m. Eastern Time, which could reveal details of when,
and by how much, interest rates will be raised. The Fed continued
to taper at its April 30 meeting, saying activity had "picked up
recently" after a winter slowdown.
Federal Reserve Chairwoman Janet Yellen will deliver the
commencement speech at Yankee Stadium for New York University
students at 11 a.m. Eastern Time. The Fed chief is part of a busy
Fed lineup for Wednesday.
New York Fed President William Dudley, who is a voting member of
the Fed policy committee, will hold a quarterly press briefing on
regional labor markets and economic conditions at 11 a.m. Eastern
Time.
Kansas City Fed President Esther George, who is not a voting
member this year, will deliver a speech in Washington on the
economy and banking at 12:50 p.m. Eastern Time. Voting-member
Minneapolis Fed President Kocherlakota will speak on monetary
policy and the economy at the Economic Club of Minnesota at 1:30
p.m. Eastern Time.
U.K. stocks fall, European stocks gain modestly
In overseas markets, European stocks made small gains as
investors kept an eye on key European Parliament elections and
purchasing-manager index data due later in the week. U.K.stocks
fell for a third day and the British pound (GBPUSD) jumped against
the dollar after the release of minutes from the Bank of England's
latest meeting that were viewed as hawkish.
Asian stocks posted moderate losses across the board, with the
Nikkei 225 index off 0.2% and the Bank of Japan leaving its
monetary policy on hold at its latest meeting.
Gold for June delivery (GCM4) dipped, while oil for July
delivery (CLN4) pared gains ahead of a report on U.S. supply data.
Citigroup also raised its Brent oil forecasts for 2014 and 2015 on
Wednesday.
More must-reads from MarketWatch:
Should you sell short a dull stock market this summer?
Portfolio killers: 5 common investing myths
Microsoft bills new Surface tablet as laptop-killer, aiming at
Apple
Subscribe to WSJ: http://online.wsj.com?mod=djnwires