U.S. stocks are bouncing back after crazy whipsawing movements on Tuesday.
The S&P 500 is up 9 points to 1,861, the Dow Jones Industrial Average is climbing 48 points to 16,062 and the Nasdaq is rising by 35 points to 4,304. The S&P Retail ETF is up by 21 cents to $38.74.
This morning Federal Reserve Chairman Janet Yellen recited several risks playing out in the market as she began two days of testimony before the House and Senate committees. Even though her comments had a downbeat undertone, she seems to be sticking to the idea of gradual interest rate increases. That sent oil tumbling once again to below $27 a barrel and trimmed larger gains in stocks.
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Citi Trends comparable-store sales in this year’s fourth quarter dropped by 5 percent from last year as the warm weather affected all categories. Total sales dropped by 2.8 percent to $176.1 million from last year’s $181.1 million. For the year total sales increased 1.9 percent to $683.8 million over last year’s $670.8 million. Citi Trends stock is up over 2 percent to $16.55.
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Fitbit is teaming with Public School for a line of accessories that will be included in the Public School fashion show on Sunday. The Public School design will extend the company’s edgy aesthetic to the device’s easily interchangeable wristband. Separately, Salesforce chief executive office Marc Benioff reported that he has a 5.3 percent stake in Fitbit. Fitbit’s stock is up by over 4 percent to $14.95.
Nike has hired its first chief digital officer as the athletic giant increases its digital strategy. Adam Sussman will lead the team responsible for digital products and services across Nike. Sussman comes with interactive gaming and entertainment experience. Nike stock is up by 1 percent to $456.34.
Cabela’s appointed Scott K. Williams president, effective immediately. Williams was previously the company’s executive vice president and chief commercial officer and has been with Cabela’s since 2011. Cabela’s is a specialty retailer known for its outdoor recreational clothes and gear. Cabela’s stock is up slightly by 16 cents to $40.50.
Elsewhere, China and Hong Kong markets remain closed for the Lunar New Year, while Japan’s Nikkei slid another 2.3 percent. Japan’s market has closed down for six of the last seven sessions. European markets are all moving higher after Deutsche Bank said it would buy back stock, which boosted the price of other banks.