(CNBC) — Stocks rose on Wednesday as retail shares jumped on the back of strong quarterly earnings from retailer Macy’s.
The Dow Jones industrial average closed 63 points higher, with Nike as the best-performing stock in the index. The S&P 500 gained 0.4 percent as the consumer discretionary sector climbed 0.8 percent. The Nasdaq composite advanced 0.6 percent. The small-cap Russell 2000 index, meanwhile, climbed 1 percent and posted a record close.
Macy’s shares rallied 10.8 percent on stronger-than-expected quarterly earnings. The company’s same-store sales, a key metric for retailers, rose 4.2 percent last quarter versus an estimate of 1.4 percent.