U.S. stocks close higher on strong earnings

Source: Xinhua| 2018-05-17 04:56:43|Editor: Mu Xuequan
Video PlayerClose

NEW YORK, May 16 (Xinhua) -- U.S. stocks ended higher on Wednesday as the retail sector rose broadly following Macy's strong earnings report.

The Dow Jones Industrial Average added 62.52 points, or 0.25 percent, to 24,768.93. The S&P 500 gained 11.01 points, or 0.41 percent, to 2,722.46. The Nasdaq Composite Index was up 46.67 points, or 0.63 percent, to 7,398.30.

Macy's shares rallied over 10.8 percent on stronger-than-expected quarterly earnings in market closing on Wednesday. The company's same-store sales, a key metric for retailers, added 4.2 percent last quarter, beating market expectations of a 1.4-percent gain.

The retailer's surge boosted the broader retail sector. The SPDR S&P Retail ETF jumped 1.6 percent on Macy's move, its best intraday performance since April 10.

Investors were also closely monitoring the bond market. The benchmark 10-year Treasury yield hit 3.10 percent on Wednesday, its highest level since July 8, 2011.

The yield, a barometer for mortgage rates and other financial instruments, has jumped recently on signs of rising inflation, which sparked market speculation for more rate-hikes later this year.

The probability that the U.S. central bank will raise its benchmark rate a fourth time this year went above 50 percent for the first time, according to the CME's FedWatch tracking tool for the fed funds futures.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011105091371845671