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US stocks extend rally despite retail weakness

IANS  |  New York 

US stocks closed higher despite disappointing holiday sales and revenue guidance from big retail and names.

The Dow Jones Industrial Average rose 122.80 points, or 0.51 percent, to 24,001.92 on Thursday. The S&P 500 rose 11.68 points, or 0.45 percent, to 2,596.64. The increased 28.99 points, or 0.42 percent, to 6,986.07, reported.

Shares of plunged nearly 18 percent to close at 26.11 US dollars apiece after it reported weak holiday sales for 2018 and cut its earnings outlook for the year.

The said in a statement on Thursday that in November and December and sales at stores operating for at least 12 months were up a combined 1.1 percent. The company expected no growth in net sales for fiscal 2018, rather than an increase between 0.3 percent and 0.7 percent that was previously estimated.

Its same-store sales projection for the year was revised down to 2 percent from a range of 2.3 percent to 2.5 percent.

cut its profit forecast and said it struggled to grow revenue at the end of 2018.

The airline, the largest in the United States, said its revenue per available seat mile, a key industry metric, rose 1.5 percent in the fourth quarter of 2018 year on year, compared with a range of 1.5 percent o 3.5 percent it gave investors previously.

The said excluding special items, it expects to post earnings per diluted share of between 4.40 dollars and 4.60 dollars, down from its estimate in October.

Shares of the dropped 4.13 percent to close at 32.04 dollars apiece.

--IANS

vin

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 11 2019. 04:38 IST
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