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 62.52 points higher at 24,768.93, with Nike as the best-performing stock in the index. The S&P 500 gained 0.4 percent to 2,722.46 as the consumer discretionary sector climbed 0.8 percent. The Nasdaq composite advanced 0.6 percent to 7,398.30. 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.
The retailer's surge boosted the broader retail sector. The SPDR S&P Retail ETF (XRT) jumped 1.6 percent on Macy's move, its best day since April 10.
Macy's CEO Jeff Gennette said Wednesday in a statement the company saw "continued healthy consumer spending," noting it contributed to the company raising its fiscal full-year guidance for earnings and revenue.