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Published: Fri, August 12, 2016
Economy | By Melissa Porter

Markets Right Now: Stocks opening higher on Wall Street


In Europe, stocks were trading higher, with the broad Stoxx Europe 600 index up 0.4%.

Better-than-expected second-quarter earnings and a set of strong economic data have pushed the S&P 500 to a series of record intraday highs since July.

But analyst Ken Perkins, founder/president of Retail Metrics, said in a note to clients that the hope found in Kohl's results, like Macy's on the same day, comes from low expectations.

Crude oil prices surged after the International Energy Agency said it expects supply and demand to be more in balance the rest of the year.

Kohl's Corporation (NYSE:KSS) soared 0.90% or +0.34 points during previous trade after opening at the price of $37.96, a total of 9.31M shares exchanged hands compared with its average trading volume of 183.71M shares. The Standard & Poor's 500 index rose 10 points or 0.5 percent to 2,186.

Alibaba rose 5.08 percent after the Chinese e-commerce giant posted a 59 percent jump in quarterly revenue.

Stocks are rising Thursday led by energy companies and retailers as the market rebounds from modest losses a day earlier and heads toward another record-high close.

Kohl's KSS.N shares rose 17 percent after its quarterly profit beat estimates.

However, a 2 percent drop in oil prices on Wednesday pulled Wall Street away from record levels.

Crude oil gained 3.6 percent to $43.20 a barrel in NY. On the Nasdaq, 1,624 issues rose and 972 fell. The U.K.'s FTSE 100 index (http://www.marketwatch.com/story/ftse-100-loses-ground-as-home-builder-shares-drop-oil-prices-slide-2016-08-11) lost 0.2%, with the benchmark's commodity majors dragging it lower.

Kohl's Corporation (NYSE:KSS) announced second quarter of fiscal 2016 (2QFY16) earnings report in the morning today.

In economic news, the Labor Department reported that the number of Americans filing for first-time jobless claims fell 1,000 to 266,000, which "points to healthy labor market conditions across the USA", according to Barclays. Kohl's climbed 15 percent.

Oil prices also climbed as Saudi Energy Minister Khalid al-Falih said OPEC members and nonmembers would discuss the market situation, including any action that may be required to stabilise prices, during an informal meeting on September 26-28 in Algeria, Reuters reported. The pan-European STOXXX 600 index finished up 0.8 per cent at 346.66 points, its highest level since the June 23 Brexit vote in the United Kingdom. The company operated 1,150 Kohl's stores, 12 FILA Outlet stores, and three Off/Aisle clearance centers in 49 states at the quarter end of the quarter, compared to 1,164 Kohl's stores in last year's comparable quarter.

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