TheStreet's Conway Gittens brings the latest business headlines from the New York Stock Exchange as markets close for trading on Thursday, May 16.
Related: Walmart Stock Rises to Record on Updated Earnings and Outlook
Full video transcript below:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. This is what we are seeing today on TheStreet.
It was another record day on Wall Street. The Dow, Nasdaq and S&P 500 closed at new all-time highs, with the Dow crossing the 40,000 mark for the first time. Investors are ecstatic about the recent slowdown in inflation and a drop in weekly jobless claims, pointing to a healthy labor market.
In other business headlines: Walmart made more than $161 billion in sales during the quarter that ended in April. Revenue and earnings beat forecasts, sending the stock to an all-time high.
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Business was solid across the board. Walmart noted a particular increase in households earning more than $100,000 a year. That level of revenue helped fuel a 22 percent increase in online sales, which was even stronger than the growth seen during the December holidays. Analysts say America's largest retailer is stealing market share as inflation pushes shoppers of all incomes to lower their prices.
Walmart CEO Doug McMillion said it all comes down to pricing, flexibility in stores and online, and better customer service, saying, “We're people-led and technology-driven, and that combination is driving our business.”
An industry-wide shift shows that shoppers who spent the pandemic shopping online have decided that's the best way to do it. That's why Walmart offers more pickup and delivery options.
As an economic benchmark, Walmart's results could indicate what is to come. We'll get Target's quarterly results next week.
That will be enough for your daily report. From the New York Stock Exchange, I'm Conway Gittens of TheStreet.
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