NEW YORK (AP) – U.S. and European stocks were solidly higher Tuesday, helped by a report out of Europe that showed businesses activity was expanding across the continent. Best Buy jumped after the electronics retailer reported a jump in sales.
KEEPING SCORE: The Dow Jones industrial average rose 90 points, or 0.5 percent, to 18,620 as of 10:07 a.m. Eastern. The Standard & Poor’s 500 index rose 10 points, or 0.5 percent, to 2,192 and the Nasdaq composite rose 28 points, or 0.5 percent, to 5,272.
EUROPE: A survey across the 19-country eurozone found that business expanded in August at a steady but subdued pace, a sign that companies were not overly worried about Britain’s decision to leave the European Union. The IHS Markit survey of purchasing managers reached a seven-month high. Germany’s DAX rose 1.1 percent, France’s CAC-40 rose 1 percent and the U.K.’s FTSE 100 rose 0.8 percent.
SUMMER LULL: Global markets were otherwise subdued as trading volumes were thin amid the summer holidays. Federal Reserve Chair Janet Yellen is due to speak Friday at an annual conference of central bankers in Jackson Hole, Wyoming. The Fed is not expected to raise interest rates at its September meeting but Yellen’s comments will be dissected for clues on the likelihood and timing of such a hike.
POWER ON: Best Buy jumped $5.05, or 16 percent, to $37.87 after the retailer reported results that beat analysts’ estimates. Notably Best Buy said sales in stores open at least a year rose in the latest quarter, a sign that the company’s turnaround strategy is working in the face of strong competition from Amazon and other online retailers.