The Dow and the S&P 500 rose slightly on Tuesday, led by gains in retail stocks after strong results from Home Depot, the world's largest home improvement company. Wall Street made a sharp turnaround about an hour into trading, on rumours that Spain may be close to asking for a sovereign bailout, which traders say may have increased buying.
Dow component Home Depot Inc was the S&P 500's top gainer, climbing 4.3 percent to $63.81 after the retailer reported earnings that beat expectations and raised its outlook. Shares of TJX Cos shot up 2.8 percent to $42.10 after the company, which owns the Marshalls and T.J. Maxx discount chains, reported a quarterly profit that beat analysts' expectations by 1 penny a share. The S&P retail sector index advanced 1.4 percent. Energy stocks, which were trading lower earlier, also turned around sharply. The S&P 500 energy sector index rose 0.5 percent.
Technology shares slipped, with an S&P technology index down 0.2 percent. Microsoft's stock slid 3 percent to $27.15. The Dow Jones industrial average was up 19.36 points, or 0.15 percent, at 12,834.44. The Standard & Poor's 500 Index was up 2.31 points, or 0.17 percent, at 1,382.34. The Nasdaq Composite Index was down 7.28 points, or 0.25 percent, at 2,896.98.
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