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Stocks Climb on Strength in Utilities, Real Estate: Markets Wrap

  • Retailers drop on weak outlook; investors shake off Fed fears
  • Political tensions weigh on markets with U.S. government shut
Bloomberg business news
Markets Bet on Patience From Powell and the FedMarkets: European Open. (Source: Bloomberg)
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Stocks rose Thursday after dipping briefly following Federal Reserve Chairman Jerome Powell’s remarks about shrinking the central bank’s balance sheet. Treasury yields advanced with the dollar, and West Texas crude continued its bull market surge past $52 a barrel.

The S&P 500 Index rallied as gains in utilities, industrials and real estate shares overwhelmed weakness in retailers sparked by concerns about a sales slowdown and fears about the potential consequences of the ongoing partial government shutdown. Alcohol distributor Constellation Brands Inc. rebounded from Wednesday’s decline to lead the benchmark on positive comments from analysts at Goldman Sachs Group Inc. and Guggenheim Securities. Macy’s Inc. plunged 18 percent, making it the biggest decliner, after reporting disappointing seasonal sales and earnings.