We're going to squeeze that old dollar till the eagle grins.
Wal-Mart credited higher international sales and results from its Sam's Club warehouse stores for the gains. A Wal-Mart price in bulk is even better than a Wal-Mart price, evidently.
Other retail results sustain the view that, despite a total gain of 0.8%, American consumers remain tied to bargain hunting. Sears (SHLD) gained entirely from cost cutting, and then announced it would boost finances by selling stores. Staples (SPLS) reported lower results and said that the economies of both America and Australia remain weak.
Actually, what the results reflect, taken together, is an economy that is running slowly ahead in a world that's in reverse. This should boost all American equities relative to those from other places, as slower growth in China should be expected to increase social unrest and negative European growth creates opportunity for American producers throughout Latin America and Africa.
Wal-Mart opened lower today, but then the whole market is due for a down day. So a better opportunity to buy your favorite stocks is rapidly approaching.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.