Rare retail bright spot boosts S&P, Nasdaq to records | Reuters
By Tanya Agrawal The S&P 500 and Nasdaq Composite were in record territory in late morning trading on Thursday, buoyed by strong earnings from the embattled retailer sector.Sentiment also got a boost after the minutes of the Federal Reserve's latest meeting showed policymakers expected the economy to pick up momentum and an interest rate hike would come sooner rather than later.While gains were broad based, the consumer discretionary index's .SPLRCD 0.83 percent surge was easily the highest among the 11 major S&P sectors.Best Buy BBY.O surged as much as 17 percent to a record high of $58.99, making it the top gainer on the S&P, as its comparable sales unexpectedly rose last quarter.Tommy Hilfiger-owner PVH (PVH.N) was second-biggest gainer with a 7 percent jump to a near 6-month high on strong results. Sears (SHLD.O) soared as much as 32 percent after posting its first quarterly profit in nearly two years.Analysts also said the S&P 500 being able to break through and stay above the 2,400 level for the third straight session has also provided technical support
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| Reuters appeared first on Firstpost.