Stocks rise, Macy's shares jump on earnings | Financial Times

Stocks rise, Macy's shares jump on earnings

Markets open slightly higher   4 Hours Ago | 03:02 Stocks rose on Wednesday as retail shares jumped on the back of strong quarterl...

Stocks rose on Wednesday as retail shares jumped on the back of strong quarterly earnings from retailer Macy's.
The Dow Jones industrial average traded 75 points higher, with Nike as the best-performing stock in the index. The S&P 500 gained 0.5 percent as the consumer discretionary sector climbed 0.9 percent. The Nasdaq composite advanced 0.7 percent.
Macy's shares rallied 11.3 percent on stronger-than-expected quarterly earnings. The company's same-store sales, a key metric for retailers, rose 4.2 percent last quarter versus an estimate of 1.4 percent.
The retailer's surge boosted the broader retail sector. The SPDR S&P Retail ETF (XRT) jumped 2 percent on Macy's move, and was on pace for its best day since April 10.
Macy's CEO Jeff Gennette said Wednesday in a statement the company saw "continued healthy consumer spending," noting it contributed to the company raising its fiscal full-year guidance for earnings and revenue.
Trader Peter Tuchman works on the floor of the New York Stock Exchange, (NYSE) as the Dow Jones Industrial Average crosses 24,000, in New York, U.S., November 30, 2017.
Brendan McDermid | Reuters
Trader Peter Tuchman works on the floor of the New York Stock Exchange, (NYSE) as the Dow Jones Industrial Average crosses 24,000, in New York, U.S., November 30, 2017.
The major averages looked to rebound from losses seen in the previous session. The S&P 500 and Nasdaq dropped 0.7 percent and 0.8 percent, respectively, on Tuesday, while the Dow snapped an eight-day winning streak.
Pressuring equities on Tuesday was a surge in interest rates. The benchmark 10-year note yield hit 3.095 percent on Tuesday, its highest level since 2011, while the two-year note yield traded around levels not seen in a decade.
Tom Essaye, founder of The Sevens Report, said in a note that the rise in yields coupled with a surging dollar caused "causing a natural digestion given the near-6% straight-line rally in stocks over the past two weeks."
The major indexes are up sharply this month, with the S&P 500 and Dow having gained more than 2 percent through Tuesday's close. The Nasdaq, meanwhile, was up 4 percent in that period.
Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said the market's bias remains flat-to-higher, but it will be a choppier ride for investors as inflationary pressures have become "more prevalent."
Elsewhere in corporate news, Teva Pharmaceutical rose more than 3 percent after Warren Buffett's Berkshire Hathaway revealed it increased its stake in the company.
Wade Green - Financial Analyst
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Financial Times: Stocks rise, Macy's shares jump on earnings
Stocks rise, Macy's shares jump on earnings
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