The stock market has made aggressive moves in recent weeks, and so it’s not surprising to see some market participants seemingly taking a short pause from the volatility. Investors are still weighing the benefits of positive trial results from various coronavirus vaccine candidates against the fact that COVID-19 case counts continue to reach unprecedented levels.
As of 11 a.m. EST, major stock market benchmarks were all slightly higher. The Dow Jones Industrial Average led the way with a 117-point gain to 29,900. The S&P 500 rose 7 points to 3,616, but the Nasdaq Composite was having the hardest time, picking up just a single point to 11,900.
Even with the pause in major market action, some companies had a lot to say about what they’ve been going through in recent months. Target gave shareholders a positive earnings report, but Lowe’s wasn’t as fortunate despite similarly strong results.
A bull’s-eye for Target
Target’s stock climbed more than 5% on Wednesday morning. The department store retailer reported third-quarter earnings that showed amazing growth, continuing the COVID-19-led surge that Target has seen all year.
The numbers were spectacular. Revenue jumped 21% on a 20.7% rise in total comparable sales. Digital revenue soared 155% from year-ago levels, while even the company’s physical store locations enjoyed a 9.9% rise in comparable-store sales. Adjusted earnings per share more than doubled year over year.
