Stock Market News: Micron Keeps Chipping Away; Nordstrom Extends Closures
The stock market has finally bounced off the bottom it set earlier this week, and early gains suggested that some key market benchmarks could enjoy a three-day winning streak for the first time since before the coronavirus-inspired bear market began. As the stimulus bill works its way through Congress, market participants seem optimistic that the provisions in the measure could help hard-hit businesses and individuals. As of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 859 points to 22,060. The S&P 500 (SNPINDEX: ^GSPC) rose 80 points to 2,556, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was higher by 224 points at 7,608.
Earnings reports have continued to trickle in during the seasonally slow period of the quarter, and Micron Technology (NASDAQ: MU) offered a look at how the semiconductor space is doing during the COVID-19 pandemic. Meanwhile, retailers continue to suffer disruptions from the disease, and Nordstrom (NYSE: JWN) said it would have to take additional measures to ensure the safety of its employees and customers.
Shares of Micron Technology were up almost 4% Thursday morning as investors digested the semiconductor giant's fiscal second-quarter results. Although the numbers looked ugly on their face, they were still better than many had feared, and the company's outlook was still upbeat, even with coronavirus-related headwinds affecting its business.
Source Fool.com
