Markets Close Modestly Higher Over Retailer Earnings

Upbeat retailer earnings reports lifted the markets to a modestly higher close with the Dow adding 9 points to 10,415. Nasdaq rose 6 points to 2215.

On the upside

ValueVision Media (Nasdaq: VVTV) narrowed second quarter losses as revenue rose.

Citigroup analyst Josh Levin suggested that homebuilders are likely to consolidate, lifting shares of Beazer Homes (NYSE: BZH) and Ryland Group (NYSE: RYL).

China Digital (NYSE: STV) reported higher second quarter earnings that beat expectations as revenue soared.

Dillard's (Nasdaq: ENDP) announced plans to buy back as much as $250 million worth of common shares.

On the downside

Gilead Sciences (Nasdaq: GILD) spent $350,000 in the second quarter to lobby the federal government.

Fiduciary/Claymore MLP Opportunity Fund (NYSE: FMO) priced its offering of nearly 4.3 million shares at $19.36 per share.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 630.