Wall Street stocks open higher, extending gains

NEW YORK, May 26 — US stocks got off to another solid start today, extending the gains made in the prior session amid a flurry of positive earnings news from major retailers.

The 3.1 per cent increase “exceeded the consumer spending growth in the third and fourth quarters, demonstrating that the US consumer was still acting as a key growth engine in the first quarter despite rising interest rates and higher costs for most goods and services, namely food and energy,” Briefing.com analyst Patrick J O’Hare said in an analysis.

Disappointing earnings by major retailers such as Target also hit investor sentiment, but the latest reports show chains like Macy’s, Dollar Tree and Dollar General delivering better-than-expected results and upbeat forecasts. The broad-based S&P 500 advanced 1.3 per cent to 4,031.05, while the tech-rich Nasdaq Composite Index jumped 1.4 per cent to 11,597.22.

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