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Wall Street edges higher as retail stocks gain

Reuters 

By Medha Singh

(Reuters) - Wall Street edged higher on Wednesday as strong results helped drive gains in retails stocks and more than offset losses in

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, and Nordstrom, which were all up between 1.5 percent and 3 percent.

The consumer discretionary rose 0.61 percent, providing the biggest boost to the 500

However, a fall in and growing doubts about the U.S.-summit next month capped gains on the major indexes.

threw next month's summit between and into doubt, threatening weeks of diplomatic progress by saying it may reconsider if insists it unilaterally gives up its nuclear weapons.

The country's threat to cancel the June 12 summit in adds to the jitters in the market, which is already dealing with China-U.S. trade tensions and concerns.

took a hit from an anticipated rise in U.S. crude inventory, pulling the energy down 0.25 percent.

At 9:55 a.m. EDT the was up 44.59 points, or 0.18 percent, at 24,751.00, the 500 was up 8.13 points, or 0.30 percent, at 2,719.58 and the was up 26.33 points, or 0.36 percent, at 7,377.96.

The and the Nasdaq recorded their biggest one-day percentage drop in three weeks on Tuesday after strong stoked worries.

"Traders are looking for some stability coming off of the sharp decline yesterday," said Andre Bakhos, at in Bernardsville,

"(They are) looking for a little more visibility coming from the trade front with even as concern over keeps rearing its head."

The U.S. 10-year Treasury yield spiked above the key 3 percent level to its highest since July 2011 on Tuesday after the

Federal funds futures implied that traders saw a 54 percent chance that the would raise rates for a fourth time by year-end.

rose 3.3 percent after began coverage with an "outperform" rating, while gained 1.7 percent after a rating upgrade at Susquehanna.

Advancing issues outnumbered decliners by a 2.43-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the Nasdaq.

The S&P index recorded nine new 52-week highs and two new lows, while the Nasdaq recorded 51 new highs and 19 new lows.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 16 2018. 19:48 IST
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