U.S. Markets close in 1 hr 46 mins

Wall Street Jumps on Tuesday

- By Omar Venerio

U.S. stocks were in positive territory on Tuesday despite uncertainty recarding company's quarterly financial results. The Dow Jones Industrial Average rose 120 points to 24,028, the S&P 500 index gained 0.95% to 2,607 and the Nasdaq Composite Index advanced 1.61% to 7,017.

Shares of Big 5 Sporting Goods Corp. (BGFV) jumped more than 12% in Tuesday after the company announced same-store sales rose 1.1% in the fourth quarter. Net sales were $247.1 million, up from $242.9 million in the prior-year quarter.


For the full year, net sales were $987.6 million, down from $1.01 billion in fiscal 2017. Merchandise margins decreased 12 basis points.

Earnings results for the fourth quarter and full year will be reported by the end of February.

The California-based retailer projects a loss of 15 to 17 cents per share for the quarter, which is an improvement from its prior outlook of a loss of 15 cents to 25 cents per share. For the full year, it expects a loss between 8 cents and 10 cents per share.

Gainers

  • Incyte Corp. (INCY)
  • Edwards Lifesciences Corp. (EW)
  • Fortinet Inc. (FTNT)
  • Bristol-Myers Squibb Co. (BMY)



Losers

  • PG&E Corp. (PCG)
  • Goodyear Tire & Rubber Co. (GT)
  • Albemarle Corp. (ALB)
  • Masco Corp. (MAS)
  • Qualcomm Inc. (QCOM)



Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 jumped 0.58%, France's CAC 40 gained 0.49%, Germany's Dax rose 0.33% and Spain's IBEX 35 swelled 0.36%.

In Asia, Japan's Nikkei 225 gained 0.96%, India's BSE Sensex jumped 1.30%, Hong Kong's Hang Seng advanced 2.02% and China's Shanghai Composite slid 1.36%.

Disclosure: The author holds no positions in any stocks mentioned.

This article first appeared on GuruFocus.