The S&P 500 was up by 12 points to 1,970, the Dow Jones Industrial Average was up 117 points to 16,502 and the Nasdaq increased 30 points to 4,857. Markets seemed to decide to shake off the Federal Reserve’s decision last week to not increase rates.
Lululemon is jumping over 3 percent to $54.69 after receiving an upgrade to overweight from equal weight by Morgan Stanley. The analyst also pegged the target price for shares at $68. Morgan Stanley thinks the company could grow its earnings by 20 percent in 2016.
Alibaba shares were sliding as the lockup period for its stock expired. Sixty-three percent of Alibaba’s shares are now free to begin selling. The stock has plunged 26 percent to $65.75 over the past year. Founder Jack Ma and vice chairman Joseph Tsai have pledged to keep their stock. Softbank is also expected to hold onto its shares, while it is unknown what Yahoo’s plans are. Alibaba stock is down 0.2 percent to $65.60 this morning.
Macy’s said that it would hire about 85,000 seasonal workers for the 2015 holiday season. Last year, Macy’s hired 86,000 for the 2014 season. Of the 85,000 this year, 12,000 staffers will go to the direct-to-consumer fulfillment centers. Most of the positions are part-time and expected to work shifts in the evenings, weekends and sometimes overnight.
There is little economic news today apart from existing homes sales for August.