Stocks closed higher on Wall Street Thursday as investors cheered a strong set of quarterly results from Macy’s and other retailers, per the AP. The S&P 500 rose 2% and is solidly in the green for the week following a choppy few days of trading. The gains have positioned the benchmark index for its first weekly gain after seven straight losses. The S&P rose 79 points to 4,057, while the Dow rose 516 points, or 1.6%, to 32,637, and the Nasdaq rose 305 points, or 2.6%, to 11,740.
The better-than-expected reports from retailers helped allay investors’ worries about the sector, which took big losses last week after Target and Walmart reported dismal results. Bond yields rose. Macy's surged 18% after it raised its profit forecast for the year following a strong first-quarter financial report. Dollar General vaulted 13.9% and Dollar Tree jumped 21% after the discount retailers reported solid earnings and gave investors encouraging forecasts. The retail sector is being closely watched by investors looking for more details on just how much pain inflation is inflicting on companies and consumers.
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