U.S. stocks climbed on Wednesday as traders shrugged off rising Treasury yields and Macy's earnings lifted retailers.
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The Dow Jones Industrial Average gained 62.52 points, or 0.25%, to 24,768.93. The S&P 500 rose 11.01 points, or 0.4%, to 2,722.46. The Nasdaq Composite jumped 46.67 points, or 0.63%, to 7,398.30.
Macy's reported stronger first-quarter earnings and revenue than expected, and the retailer raised its full-year outlook. Shares rallied 10.8%, while the broader consumer sectors helped lead the market higher.
The Russell 2000, a small-cap stock market index, touched its highest level ever during the session as a climbing dollar encouraged investors to move more money into smaller-cap stocks, which generally have less overseas exposure than the large-cap multinational stocks
|I:DJI||DOW JONES AVERAGES||27960.8||-1,031.61||-3.56%|
|I:COMP||NASDAQ COMPOSITE INDEX||9221.280101||-355.31||-3.71%|
North Korea canceled a high-level meeting with South Korea on Wednesday over U.S.-South Korean military drills and says it has no interest in the summit with Trump if it's going to be a "one-sided" affair where it's pressured to give up its nukes, according to the Associated Press.
Wednesday morning, the latest reading on the housing sector was released, which showed home-builder permits fell 1.8% in April to a 1.35 million rate while housing starts dropped 3.7% in April to a 1.29 million rate. Other economic data included U.S. industrial capacity which rose to 78 in April from a revised 77.6 in March.
The yield on the 10-year Treasury was slightly higher after climbing to a 7-year high on Tuesday.
In commodities, gold settled fractionally higher after closing at its lowest price of the year on Tuesday.
U.S. crude rose 18 cents to $71.49 a barrel.
FOX Business’ Ken Martin contributed to this article.