S&P 500 Back to Pre-Pandemic Levels, Positive Start for Retail Earnings

The S&P 500 advanced to new record highs, exceeding pre-pandemic levels on Tuesday that cleared losses suffered from earlier in the year.

“The market has taken us on a roller coaster ride — from the depths of March 2020, when we dropped to a level last seen in 2016 to a 51% rally back to reclaim an all-time high today,” says Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

The Dow Jones Industrial Average fell in the red for the second time this week, losing 0.24% to finish at 27,778; the S&P rose 0.23%, finishing at 3,389.78 and the Nasdaq increased 0.73% to 11,210.84.

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Walmart’s impressive quarter. Walmart (ticker: WMT) blew through analyst estimates for the second fiscal quarter of 2020 today. The retail giant reported an impressive U.S. sales increase of 9.3% but its e-commerce sales grew a whopping 97%. In fact, WMT outsold Amazon.com ( AMZN) in e-commerce grocery sales, according to Tabs Analytics. Despite Walmart accumulating expenses as a result of the pandemic, total revenue was $137.7 billion, an increase of $7.4 billion during the same time last year. Shares of the stock increased during pre-market trading but finished lower.

[Read: Best Investment Strategies for Millennial Investors.]

Home Depot’s beat. Home Depot (HD) reported second quarter sales of $38.1 billion today. These earnings are 23.4% higher than at the same time in 2019. HD was able to invest $480 million that went toward weekly bonuses to employees and distribution centers, it noted in a press release.

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S&P 500 Back to Pre-Pandemic Levels, Positive Start for Retail Earnings originally appeared on usnews.com

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