Retail firm targets rise on Wall Street after results

Target was among the gainers in New York stocks on Wednesday. The US supermarket chain reported higher sales and profits last quarter than analysts and investors had expected. The outlook for the current quarter was somewhat disappointing. The stock rose more than 1 percent.

A day earlier, DIY group Home Depot reported disappointing results and prospects. Walmart, America’s largest supermarket chain, will release quarterly figures on Thursday. Home Depot rose 1 percent and Walmart fell 0.4 percent.

Investors’ attention turned to tough negotiations between Democrats and Republicans over the U.S. government’s debt ceiling. If the debt ceiling is not raised, the US will soon be unable to make some payments, leading to major financial unrest worldwide.

In early trading, the Dow Jones industrial average rose 0.4 percent to 33,160. The broader S&P 500 rose 0.5 percent to 4,219 points, while the tech benchmark Nasdaq rose 0.4 percent to 12,388 points.

Shares in New York-listed English soccer club Manchester United rose nearly 4 percent. Press agency Bloomberg has reported, based on insiders, that a Qatar-based investment group has made an improved offer to Dutch coach Erik den Haag’s club.

The Western Alliance got almost 13 percent. Regional Bank reported that bank balances have increased by more than $2 billion so far in the current quarter. Other industrial companies such as PacWest Bancorp and Zions Bancorp also rose more than 11 percent and nearly 3 percent. Small U.S. banks have been under the magnifying glass for some time due to the collapse of three peers in recent months.

Tesla rose 0.5 percent. CEO Elon Musk announced during the shareholder meeting that Tesla is trying to increase demand for its vehicles through advertising. So far, the electric car manufacturer has never spent any money on traditional marketing channels to sell its cars.

Wynn Resorts won more than 5 percent. Analysts at British bank Barclays increased their advice for the operator of hotels and casinos. Keysight Technologies also rose more than 9 percent. The measurement equipment maker reported higher-than-expected profit last quarter and issued an optimistic forecast for the current quarter.