Stocks Keep Gains Midday

Published: 2018-05-16T16:03:22+00:00
Stocks Keep Gains Midday

Stocks rose on Wednesday as retail shares jumped on the back of strong quarterly earnings from retailer Macy's.

The Dow Jones Industrial Average gained 17.7 points to 24,724.18, with Nike as the best-performing stock in the index.

The S&P 500 added 7.15 points to 2,718.60, as the consumer discretionary sector climbed 0.6%.

The NASDAQ acquired 33.98 points to 7,385.61

The major indexes are up sharply this month, with the S&P 500 and Dow having gained more than 2% through Tuesday's close. The NASDAQ, meanwhile, was up 4% in that period.

Macy's shares rallied 6.4% on stronger-than-expected quarterly earnings. The company's same-store sales, a key metric for retailers, rose 4.2% last quarter versus an estimate of 1.4%.

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.

Prices for the benchmark for the 10-year U.S. Treasury dipped sharply, raising yields to 3.08% from Tuesday's 3.07%. Treasury prices and yields move in opposite directions.

Oil prices fell 19 cents a barrel to $71.12 U.S.

Gold prices dipped $2.30 to $1,288 U.S. an ounce.

Share on 1