Retailers help market set record

Associated Press

NEWYORK — Rising retailers pushed U.S. stock indexes further into record territory Friday, as the market’s fabulous start to 2018 carried through its second week.

Interest rates also climbed after a report showed a key component of inflation accelerated last month. But stocks absorbed the gains without a hiccup, unlike earlier in the week when rate worries helped send the Standard & Poor’s 500 lower for its lone blemish this year.

The S&P 500 rose 18.68 points, or 0.7 percent, to 2,786.24 to close out its seventh week of gains in the last eight. The index is already up more than 4 percent for 2018.

The Dow Jones industrial average climbed 228.46, or 0.9 percent, to 25,803.19, the Nasdaq composite rose 49.28, or 0.7 percent, to 7,261.06 and the Russell 2000 index of small-cap stocks gained 5.18, or 0.3 percent, to 1,591.97.

Retailers led the way after a government report confirmed that the holiday shopping season was a strong one, with retail sales rising 0.4 percent last month following a 0.9 percent surge in November. The numbers fit with what individual retailers have said recently, and several have raised their profit forecasts as a result.

Shares of Kohl’s, Target, Nordstrom and Dollar Tree all jumped more than 3 percent.

Allegheny Health Network is developing community cancer treatment centers at Forbes Hospital in Monroeville and in Butler and Beaver counties, the hospital system said. The centers are part of a previously announced $225 million investment, which includes an expanded relationship with Johns Hopkins Kimmel Cancer Center.

Holiday gift for retailers: sales up a solid 0.4 percent

Ebullient U.S. consumers shopped at the healthiest pace in more than a decade during the holiday season. Retail sales rose 0.4 percent in December, the Commerce Department said, after a 0.9 percent surge in November. Spending for the two months combined was the best since 2005.

Bon-Ton creditors may propose bankruptcy within weeks

Senior creditors of Bon-Ton Stores Inc. are pushing the troubled retailer to file for bankruptcy, a development that could happen as soon as this month, according to people familiar with the matter. BonTon, however, hasn’t made a decision and is still trying to avoid a court filing, the people said. If the company does enter bankruptcy, it’s not clear whether it would seek to liquidate or to reorganize, the people said. The York, Pa.-based company has been coping with declining mall traffic, management upheaval and about $1.2 billion in debt.

McDonald’s to drop foam packaging by year’s end

McDonald’s will stop using plastic foam cups by the end of this year. The world’s largest restaurant operator quietly disclosed the decision on its website, along with its plan to use recycled and certified sources for all of its fiber-based packaging by 2020.