Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — The latest on developments in global financial markets (all times local):
Stocks are closing broadly higher on Wall Street Thursday led by energy companies and retailers. All three major U.S. indexes set record highs.
Investors welcomed the latest quarterly results from department store chains Macy's and Kohl's.
Crude oil prices surged after the International Energy Agency said it expects supply and demand to be more in balance the rest of the year. Oil rose 4.3 percent to $43.49 a barrel in New York.
Bond prices fell and the yield on the 10-year Treasury rose to 1.56 percent.
The Dow Jones industrial average rose 118 points or 0.6 percent to 18,614. The Standard & Poor's 500 index rose 10 points or 0.5 percent to 2,186. The Nasdaq composite rose 24 points or 0.5 percent to 5,228.
Stocks are rising Thursday led by energy companies and retailers as the market rebounds from modest losses a day earlier and heads toward another record-high close.
Investors welcomed earnings reports from big department stores. Oil and gas companies got a boost from rising oil prices.
Macy's rose 17 percent and Kohl's surged 15 percent after the retailers beat second-quarter forecasts, and Macy's also announced it would close 100 stores next year.
Crude oil gained 3.6 percent to $43.20 a barrel in New York. Bond prices fell and the yield on the 10-year Treasury rose to 1.54 percent.
The Dow Jones industrial average rose 128 points or 0.7 percent to 18,624. The Standard & Poor's 500 index rose 11 points or 0.5 percent to 2,186. The Nasdaq composite rose 25 points or 0.5 percent to 5,230.
Stocks are rising Thursday morning, with consumer companies up the most after strong earnings from Macy's and Kohl's.
The Labor Department said applications for new unemployment benefits fell slightly last week, a sign that layoffs are low and employers could be adding jobs.
Department store operator Macy's, which said it will close 100 more stores, jumped 16 percent. Kohl's climbed 15 percent.
The price of crude oil climbed 0.7 percent to $41.98 a barrel in New York.
The Dow Jones industrial average gained 80 points, or 0.4 percent, to 18,574. The Standard & Poor's 500 index rose 8 points, or 0.4 percent, to 2,184. The Nasdaq composite rose 26 points, or 0.5 percent, to 5,230.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.51 percent.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.