Earnings data help stocks regain ground after drop
By SARA LEPRO
AP Business Writer
NEW YORK — Some better-than-expected retail earnings reports are drawing investors back into the stock market.
Stocks are rebounding from Monday’s selloff, with major indicators rising less than 1 percent. Investors are still wary about consumer spending and the economy as a whole, but are finding enough good news in retailers’ reports and the Commerce Department’s latest take on the housing market to justify the comeback.
Some rebound is to be expected after the Dow Jones industrials fell 186 points Monday on growing fears that consumers won’t spend enough to lift the economy into recovery.
At midday, the Dow is up 73 at 9,209. The Standard & Poor’s 500 index is up 8 at 988, while the Nasdaq composite index is up 20 at 1,951.