The U.S. dollar lost ground against its major counterparts. The euro was quoted at $1.1795, up from $1.1786. The dollar bought 119.46 yen, down from 119.52. The British pound traded at $1.7333, up from $1.7193.

EARNINGS NEWS

Rex Stores Corp. (RSC: chart), consumer electronics company, reported that Q3 profit more than doubled to 58 cents a share, from 27 cents a share in the year-ago period on 4.2% revenue growth with same-store sales up 4.6%.

The Dress Barn Inc. (DBRN: chart), apparel company, reported Q1 net income rose to 64 cents a share, from 24 cents a share in the year-ago period on better-than-forecast results for both its dress barn and murices brands, beating analyst estimate of 40 cents a share. Sales rose 62% and comparable sales rose 9%. The company upped its guidance for the year and expects earnings from $1.90 to $1.95 a share, vs. an earlier view of $1.60 to $1.65 a share.

Tiffany & Core (TIF: chart), jewelry and specialty retail store chain, posted Q3 earnings of 16 cents a share, up from 12 cents a share in the same period last year on 8% revenue growth, matching analyst estimate. The company reaffirmed its 2005 earnings estimate of $1.55 to $1.65 a share and its revenue growth forecast of 8% to 10%.

Smithfield Foods Inc. (SFD: chart), meat processor, reported Q2 net income of 46 cents a share, down from 52 cents in the same period last year. If not for charges of 9 cents a share, the company would have gained 55 cents a share in Q2, missing on that basis the analyst estimate by a penny.