Bloomberg (13/11) -- U.S. stocks rose, sending the Standard & Poor’s 500 Index to a record, after Macy’s Inc. led a rally among retailers and investors awaited testimony from Federal Bank Vice Chairman Janet Yellen for clues to the central bank’s stimulus policy.Macy’s jumped 9.5 percent as better-than-estimated earnings fueled optimism about the holiday shopping season. Tesla Motors Inc. advanced 1.2 percent as co-founder Elon Musk said the company won’t recall its Model S after fires involving the electric sedan. Phone shares declined as Verizon Communications Inc. lost 0.8 percent.
The S&P 500 gained 0.5 percent to 1,777.15 at 3:35 p.m. in New York, reversing an earlier decline of as much as 0.4 percent. The Dow Jones Industrial Average rose 36.32 points, or 0.2 percent, to 15,786.99. Trading in S&P 500 shares was in line with the 30-day average at this time of day.
Investors have been weighing better-than-projected earnings and data to gauge whether the economy may be strong enough to withstand less stimulus from the central bank. This week will bring reports on U.S. jobless-benefit claims and manufacturing in the New York area. Investors may get some insight into Fed policy thinking when Yellen testifies before the Senate Banking Committee tomorrow for her confirmation hearing to succeed Ben S. Bernanke as chairman.
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