Wall Street closes higher on rally by retail stocks

Dow closes at record high as Walmart spikes

By Ovunc Kutlu

NEW YORK (AA) - Wall Street closed higher Tuesday with an increase in retail shares.

The Dow increased 69 points to finish the day at 22,830 – a new high.

The S&P rose five points to end trading at 2,550 and the Nasdaq added seven points to close at 6,587.

Retail company Target saw its shares increase 2.4 percent, while Walmart jumped 4.5 percent.

Walmart announced Tuesday it expects e-commerce sales to increase 40 percent in fiscal year 2019.

It also plans to add 1,000 online grocery locations in the U.S. in an attempt to compete with e-commerce giant Amazon.

The giant retailer also said it plans to buy back $20 billion of its shares in the 2019 fiscal year.

Kaynak:

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