Wall Street Edges Higher As Retail Stocks Gain

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– Wall Street edged higher on Wednesday as Macy’s strong results helped drive gains in retails stocks and more than offset losses in energy shares.

Macy’s (M.N) rose 5.7 percent after reporting a much better-than-expected rise in same-store sales and quarterly profit in the first quarter. That helped shares of other retailers, including J. C. Penney (JCP.N), Kohl’s (KSS.N) and Nordstrom (JWN.N), which were all up between 1.5 percent and 3 percent.

The consumer discretionary index .SPLRCD rose 0.61 percent, providing the biggest boost to the S&P 500 index.




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