Stocks drifted higher today, setting new record-high closings for both the Dow and the S&P 500. The move higher came as Fed Chair nominee Janet Yellen had her confirmation hearing in front of a Senate committee. On the economic front, weekly jobless claims fell by 2,000 from the prior week after last week's report was revised upwards. The Labor Department says there were 339,000 new claims filed. Expectations has been for about 330,000 new claims.
Kohl's (KSS) slid 9% on its earnings which were released ahead of the opening bell. The retailer made 81-cents a share, missing estimates by a nickel, and down a dime from a year ago. Revenues were also below expectations at $4.44-billion versus $4.55-billion. The company also cut its full-year forecast citing a surprise 1.6% drop in same-store sales for the period.
Walmart (WMT) also pointed to an unexpected decline in U.S. comparable sales as part of its quarterly report. The world's largest retailer blamed what it calls a competitive retailRead More »from Stocks Hit New Highs as Yellen Testifies; Kohl’s, Cisco Drop on Earnings