Stocks close higher as Macy's rallies more than 10 percent
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Stocks rose Wednesday as retail shares jumped on the back of strong quarterly earnings from retailer Macy's.
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The Dow ended 62 points higher. The S&P 500 gained 0.4 percent as the consumer discretionary sector climbed. The Nasdaq advanced 0.6 percent.
Macy's shares rallied 10.8 percent on stronger-than-expected quarterly earnings. The company's same-store sales, a key metric for retailers, rose 4.2 percent last quarter versus an estimate of 1.4 percent.
The SPDR S&P Retail ETF (XRT) jumped on Macy's move and logged its best day since April 10.
Macy's CEO Jeff Gennette said Wednesday in a statement the company saw "continued healthy consumer spending," noting it contributed to the company raising its fiscal full-year guidance for earnings and revenue.
The major averages rebounded from losses in the previous session. The S&P 500 and Nasdaq dropped 0.7 percent and 0.8 percent, respectively, on Tuesday, while the Dow snapped an eight-day winning streak.
Pressuring equities Tuesday was a surge in interest rates. The benchmark 10-year note yield hit 3.095 percent Tuesday, its highest level since 2011, while the two-year note yield traded around levels not seen in a decade.
Tom Essaye, the founder of The Sevens Report, said in a note that the rise in yields coupled with a surging dollar caused "causing a natural digestion given the near-6% straight-line rally in stocks over the past two weeks."
The major indexes are up sharply this month, with the S&P 500 and Dow having gained more than 2 percent through Tuesday's close. The Nasdaq, meanwhile, was up 4 percent in that period.
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.
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