NEW YORK (AP) — Macy’s gave the stock market some early holiday cheer.
Stock indexes climbed back into record territory Wednesday after the department store chain gave an optimistic forecast for holiday sales. Macy’s surged 9 percent, leading strong gains among retailers including J.C. Penney, Nordstrom and Target.
The forecast from Macy’s shows that the U.S. may be heading into the holidays with a surprising retail wind at its back. And it’s the latest news that suggests the economy, while far from robust, is showing stronger-than-expected strength to close out the year. That could continue pushing up a stock market that is already soaring without the benefit of a booming economy.
The Standard & Poor’s 500 index rose 14.31 points, or 0.8 percent, to 1,782.