Buyers returned to the markets with a vengeance as the sell-off from the previous week created oversold opportunities in a variety of stocks. The Nasdaq outperformed both the Dow and S&P 500.
The Dow gained 196.17. The Nasdaq Composite added 58.42. And the S&P 500 closed higher by 23.33.
Here are 7 Stocks You Need to Know for Wednesday.
Growing sentiment that the market might actually welcome a bankruptcy filing from General Motors ( GM | Quote | Chart | News | PowerRating) helped the stock rally on early on Tuesday before reversing dramatically to close well of its intraday highs.
A number of retailers are announcing quarterly earnings Wednesday morning before the market opens. American Eagle Outfitters ( AEO | Quote | Chart | News | PowerRating) is expected to announce EPS of 7 cents. Polo Ralph Lauren ( RL | Quote | Chart | News | PowerRating) is expected to report per shares earnings of 39 cents. And, at the other end of the spectrum, analysts are expecting per share earnings of 59 cents from Dollar Tree Stores ( DLTR | Quote | Chart | News | PowerRating).
AEO was up more than 6% on Tuesday, rallying from two day's of oversold conditions above the 200-day moving average. Also advancing after moving sideways for the past two days was Polo Ralph Lauren, up nearly 3% in advance of its earnings report. For its part, DLTR rallied by more than 4%.
Also reporting earnings Wednesday morning is Staples Inc. ( SPLS | Quote | Chart | News | PowerRating). 21 cents per share is what analysts are expecting to hear from the office supplies retailer, which was up more than 5% on Tuesday.
Among the Dow stocks trading above their 200-day moving averages that have been pulling back in recent days is American Express ( AXP | Quote | Chart | News | PowerRating), which was up more than 4% intraday on Tuesday, and IBM ( IBM | Quote | Chart | News | PowerRating) which gained more than 3% after closing lower for three consecutive trading days above its 200-day moving average.
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