Well, it took a week, but both the Dow Jones Industrial Average and the Standard and Poor's 500 Index had managed to wipe out the losses of the prior five trading sessions by mid-morning yesterday. On point, after the Dow had tumbled by nearly 400 points on Wednesday May 17th, in the wake of further unsettling news about the Trump Administration's dealings with Russia and assorted other contentious issues, the stock market staged a four-day rally beginning on Thursday. Yesterday morning's added comeback took those two indexes back up to where they had been just over a week ago.
General merchandise retailer, Wal-Mart Stores, (WMT) reported marginally better-than-expected results for the fiscal first quarter (years end January 31st). Total revenue rose 2.5% to $118.8 billion, slightly higher than our $118.0 billion estimate. Earnings per share of $1.00 came in at the high end of the $0.90-$1.00 guidance range, and surpassed our call by $0.03. Encouragingly, this marked the first quarterly EPS increase in more than two years.
Shares of networking equipment maker and Dow-30 component Cisco Systems (CSCO) declined sharply following the release of fiscal third-quarter results and a weaker outlook.