Stocks Reverse Higher; Apple, Tesla Lead Nasdaq – Investor’s Business Daily

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Stocks were positive after erasing early losses, with the Nasdaq leading as Apple (AAPL) and Tesla (TSLA) scored heavy-volume gains.

The Nasdaq rallied 0.6%, while the S&P 500 was up 0.2% and the Dow Jones industrial average edged 0.1% higher in the stock market today. Volume was tracking slightly lower across the board vs. the same time Tuesday.

Biggest losers included discount retailers, gold miners and other retailers, while automakers, banks and telecom services providers were among the biggest gainers.

Goldman Sachs (GS) and JPMorgan (JPM) led the Dow with gains of more than 2% each. Apple (AAPL) weighed in with a 1% advance in heavy volume. Credit Suisse reiterated an outperform rating on the iPhone maker, with a 150 price target.

In addition to Apple, Tesla gave the Nasdaq a boost, as the electric automaker jumped 4% in fast trade. Goldman Sachs raised Tesla to a buy from neutral and maintained a 250 price target.

Lowe’s (LOW) gained 3% after reporting Q1 results that topped views and boosting its full-year earnings outlook above consensus estimates. Shares rose above a 77.73 buy point of a cup-with-handle base. Larger home improvement rival Home Depot (HD) reported strong earnings and guidance on Tuesday, though shares fell 2.5% that day on some same-store sales concerns. Home Depot fell fractionally Wednesday morning.

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Target (TGT) slumped 9% on mixed Q1 results. Earnings came in better than expected, but sales missed and its outlook was weak. Target’s woes spilled over to other retailers, with Wal-Mart (WMT) and Costco Wholesale (COST) down about 3%. Wal-Mart reports earnings on Thursday.

West Texas intermediate crude slipped 0.2% to $48.90 a barrel ahead of weekly oil inventories data from the Energy Information Administration at 10:30 a.m. ET. Minutes from the Federal Open Market Committee’s April 27 meeting are due out at 2 p.m. ET.