Wall Street shrugs off Macy’s, rallies for fifth session

Jan 10 21:01 2019 Print This Article

(Reuters) – Wall Street extended its rally into a fifth straight day on Thursday in a session of whipsaw trading as investors responded to mixed comments by Federal Reserve Chairman Jerome Powell, while a warning from Macy’s pummeled retail stocks.

Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes. But major stock indexes temporarily moved into negative territory after Powell said the bank’s balance sheet would be “substantially smaller,” and after he raised concerns about the size of U.S. debt.

“That’s what spooked the market a little bit. It’s more of a commentary on the entire economy as a whole,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin.

The S&P 500 .SPX is up over 10 percent from a 20-month low it touched around Christmas, lifted by hopes for a U.S.-Chinese trade deal, which eased some worries over the impact of the dispute on global growth. The benchmark index’s five-day winning streak is its longest since September.

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