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Macy’s Leads Retail Rally to Push S&P 500 to Record High

Macy’s Leads Retail Rally to Push S&P 500 to Record High (Bloomberg)

Holiday shopping season optimism was bolstered after Macy’s beat earnings expectations, triggering a retail rally that led to a new record high for the S&P 500. Investors also waited for comments from Federal Reserve Vice Chairman Janet Yellen and speculated on what will happen to the Fed’s stimulus. “Macy’s and retail in general has pulled up the overall market,” Tim Ghriskey, chief investment officer of Solaris Asset Management LLC, said. “Expectations were very low for the holiday season, and perhaps now they’ve been raised a bit. The backdrop around stocks remains favorable, and the market is anticipating economic improvement, which will drive revenue and earnings.”

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