Economics
U.S. Stocks Rise Toward Record Amid Earnings From Macy’s, Kohl’s
Is Market Rally Sustainable on Anemic Volume?
This article is for subscribers only.
U.S. stocks rebounded, with the S&P 500 Index briefly topping its all-time high, amid better-than-forecast profits at Macy’s Inc. and Kohl’s Corp.
Macy’s jumped 15 percent after its report and a plan to close about 14 percent of its stores in a bid to maintain profitability. Kohl’s rallied the most in seven years, while peers J.C. Penney Co. and Nordstrom Inc. climbed at least 6.4 percent. Alibaba Group Holding Ltd. increased 4.8 percent after its profit beat estimates. Shake Shack Inc. tumbled the most since March as its same-store sales missed analysts’ forecasts.