Retailers help send indexes to records on 6th day of gains

first_imgNEW YORK — U.S. stocks climbed for the sixth day in a row Thursday as strong first-quarter results from retailers like Best Buy and PVH led indexes to record highs. That offset weakness in energy stocks caused by a plunge in oil prices.Stocks are on their longest winning streak in three months as retailers, technology companies, household products companies and health care firms made large gains.The Nasdaq composite joined the Standard & Poor’s 500 in setting record highs. While retailers that run stores jumped, their online rival Amazon also made a sizable gain as its stock price approached $1,000 for the first time.Kate Warne, an investment strategist for Edward Jones, said she doesn’t think Thursday’s retail earnings are a sign that business for traditional retailers is getting better.“It’s probably not something investors should take as a sign of improvement in the retail landscape,” she said. “Consumer spending is actually strong, but consumers are spending in places other than traditional retailers.”last_img

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