In­dexes climb to highs on strong re­tail re­ports

The Washington Times Daily - - Business - BRIEFLY THE ECON­OMY

Macy’s gave the stock mar­ket some early hol­i­day cheer. Stock in­dexes climbed back into record ter­ri­tory Wednes­day af­ter the depart­ment store chain gave an op­ti­mistic fore­cast for hol­i­day sales. Macy’s surged 9 per­cent, lead­ing strong gains among re­tail­ers in­clud­ing J.C. Pen­ney, Nord­strom and Tar­get.

The S&P 500 rose 14.31 points, or 0.8 per­cent, to 1,782, its 34th record close this year.

The Dow Jones in­dus­trial av­er­age gained 70.96 points, or 0.5 per­cent, to 15,821.63, also a record. The Nas­daq com­pos­ite rose 45.66 points, or 1.2 per­cent, to 3,965.58, well be­low its record close of 5,048.52 reached in March 2000.

Macy’s jumped $4.35 to $50.68. Its earn­ings climbed 22 per­cent for the quar­ter ended. Nov. 2. The depart­ment store chain, which rose the most in the S&P 500 in­dex, was the first ma­jor re­tailer to re­port earn­ings for the quar­ter.

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