USA stocks closed broadly higher Thursday, nudging the three major US indexes to close at record highs.
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Oil prices were also sitting higher after the International Energy Agency forecast crude markets would rebalance in the next few months following several years of overproduction.
Macy’s (M) shares soared 17.09 percent, marking the best day for the department store operator in almost eight years after it reported a smaller-than-expected drop in quarterly comparable-store sales and said it would close 100 stores. The Nasdaq composite index gained 10 points, or 0.2 percent, to 5,215.
The Commerce Department said retail sales were virtually unchanged in July after climbing by an upwardly revised 0.8 percent in June.
Among the S&P 500’s biggest drags was Dow Chemical, which fell 2.4 percent to $52.33, while DuPont declined 1.9 percent to $67.66, a day after European Union regulators opened a full investigation of their $130 billion merger agreement.
In economic news, the Labor Department reported that the number of Americans filing for first-time jobless claims fell 1,000 to 266,000, which “points to healthy labor market conditions across the US”, according to Barclays. Nordtsrom gained $3.75, or 8.5 percent, to $47.98, while Gap added 98 cents, or 4.1 percent, to $25.01. It gained $1.99, or 4.3 percent, to close at $46.04 in London.
The price of crude oil climbed 0.7 percent to $41.98 a barrel in NY.
Utilities, which traded lower for most of the day, broke higher to close up 0.1%. The three indexes rose simultaneously to records for the first time since December 31, 1999.
While the retail sales data may have dimmed some traders’ views on the economy, most of the selling was likely a reflection of some investors locking in profits while the market remains near its all-time high, said JJ Kinahan, TD Ameritrade’s chief strategist.
Even as global growth remains low, the feeling in the market is that “there’s no other alternative but to remain invested”, said Charles Hepworth, investment director at GAM. Kimco Realty slid 72 cents, or 2.3 percent, to $30.35.
“With a lack of negative news-flow the market will continue to rise”, said Guillermo Hernandez Sampere, the head of trading at MPPM EK in Eppstein, Germany. Core prices had been expected to edge up by 0.2 percent.
Hamburger chain Shake Shack slumped 6.2 percent after it said sales at older locations slowed down in the latest quarter. Devon Energy added $1.74, or 4.4 percent, to $41.31, while Chesapeake Energy rose 23 cents, or 4.8 percent, to $5.03. Copper fell 5 cents, or 2.3 percent, to $2.14 a pound.
The yield on the 10-year Treasury note fell to 1.490% from 1.575% Thursday. Britain’s FTSE was flat. Japan’s Nikkei Stock Average rose 1.1% and the Shanghai Composite Index added 1.6%.
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In currency markets, the dollar weakened to 101.27 yen from 101.93 on Thursday. The euro rose to $1.1144 from $1.1137.
