Stocks rebound as Dow jumps 140 points
Stocks surged out of the gate Wednesday morning ahead of a major release from the Federal Reserve Board of Governors.The Dow Jones Industrials average is up more than 100 points in early trading, and S&P 500 and Nasdaq composite indexes are both up more than 0.5%.
The big news of the morning is retail stocks. Despite releasing earnings showing that it continues to struggle in the wake of December's data breaches, Target stock is up about 1% in early trading. Investors were expecting such a bad report that most of the downfall had already been priced in.
Related: Things aren't looking good for Target.
Tiffany & Co. , American Eagle Outfitters and Lowe's also reported earnings. Results continue to be mixed as some consumers are navigating the shifts to online sales and changing consumer preferences and spending habits better than others.
Tiffany's was up almost 10% after posting strong sales growth and profits that were 50% higher than the same time last year, while American Eagle and Lowe's were each down slightly at a little more than 2%.
There was more bite than bark for PetSmart , which opened 7% lower after reporting higher-than-expected quarterly earnings on lower-than-expected sales.
Auction site eBay fell around 2% after it reported a data breach affecting user accounts and passwords.
Related: CNNMoney's Tech 30 index
The Fed minutes come out at 2 p.m. ET and could have an influence on markets, as they give investors clues to their thinking on interest rate decisions. Wall Street expects interest rates to stay low for the rest of the year.
European stocks were up, with the FTSE up more than 1%, and Asian marked ended the day mixed.
First Published: May 21, 2014: 10:13 AM ET
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