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Best Buy Co., Inc. (BBY), Dow Jones Industrial Average (.DJI): More Positive Economic Data Sends Markets Upward

This morning we saw strong numbers from the auto industry and increasing U.S. factory orders, which have given investors the confidence to continue yesterday’s bullish rally and buy stocks again today. As of 11:45 a.m. EDT, the Dow Jones Industrial Average (INDEXDJX:.DJI) is higher by 55 points, or 0.37%, and now rests above 15,000, at 15,030. The S&P 500 (INDEXSP:.INX) has risen 0.45%, while the NASDAQ Composite (INDEXNASDAQ:.IXIC) is up 0.38% this morning. Currently, 24 of the Dow Jones Industrial Average (INDEXDJX:.DJI)’s 30 components are moving higher; let’s take a look at the best performer of the day.

Best Buy Co., Inc. (NYSE:BBY)

JPMorgan Chase & Co. (NYSE:JPM) is currently leading all components higher as it is up 2.14%. The reason for the move was an upgrade from Raymond James from “outperform” to “strong buy.” Additionally, Raymond James increased its target price for JPMorgan Chase & Co. (NYSE:JPM) to $64 per share, while the stock currently trades in the $53 area.

A big winner outside the Dow Jones Industrial Average (INDEXDJX:.DJI) today is Abercrombie & Fitch Co. (NYSE:ANF), which is currently up 5% today, and up more than 10% this past week alone. We may be seeing a short squeeze happening right now, as the stock had 8.5% of shares outstanding sold short per the most recent data, which is a few weeks old. The move over the past few days may have put traders in a tight position, and instead of suffering any further, they are now buying back shares and pushing the price of the retailer even higher.

A big loser outside the Dow Jones Industrial Average (INDEXDJX:.DJI) is Best Buy Co., Inc. (NYSE:BBY), as shares are now down 2.49%. One negative news report surrounding Best Buy Co., Inc. (NYSE:BBY) says that Capital One Financial Corp. (NYSE:COF) is selling its Best Buy Co., Inc. (NYSE:BBY)-branded credit card accounts. Citigroup Inc (NYSE:C) is buying the portfolio of cards and no financial details have been released about the transaction, which is scheduled to close sometime in September, but the idea that Capital One Financial Corp. (NYSE:COF) is selling the portfolio would indicate that it has not been an overachiever. And this may be an indication that Best Buy Co., Inc. (NYSE:BBY) is performing worse than some had previously expected.

The article More Positive Economic Data Sends Markets Upward originally appeared on Fool.com is written by Matt Thalman.

Fool contributor Matt Thalman owns shares of Citigroup and JPMorgan Chase. Check back Monday through Friday as Matt explains what caused the Dow’s winners and losers of the day, and every Saturday for a weekly recap. Follow Matt on Twitter @mthalman5513. The Motley Fool owns shares of Citigroup and JPMorgan Chase.

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