BUSINESS

Strong holiday spending outlook from Macy's lifts US stocks; Dow, S&P 500 back at record highs

11/13/2013 04:16 EST | Updated 01/23/2014 06:56 EST
NEW YORK, N.Y. - An optimistic outlook for holiday spending from Macy's is sending the stock market back to record levels.

Macy's led other retailers higher with a 9 per cent surge after reporting a quarterly profit that blew past Wall Street expectations. Bed, Bath & Beyond, J.C. Penney and Nordstrom also rose.

The Dow Jones industrial average rose 71 points, or 0.5 per cent, to close at 15,821 points Wednesday.

The Standard & Poor's 500 index rose 14 points, or 0.8 per cent, to 1,782. Both are record highs. It's the 34th all-time closing high for the S&P 500 this year and the 36th for the Dow.

The Nasdaq composite index gained 45 points, 1.2 per cent, to 3,965.

Two stocks rose for every one that fell on the New York Stock Exchange. Volume was average.