U.S. Stocks Spring as Macy's Posts Strong Quarter
NEW YORK (TheStreet) -- U.S. stocks jumped Wednesday during the afternoon session, boosted by a strong quarter from department store operator Macy's, which offset concern the Federal Reserve will curb its economic stimulus program in December.
"I think the market is just going to grind higher, and we're coming to the end of the year, and the end of the year is usually a good time for the market," said Karyn Cavanaugh, a market strategist for ING U.S. Investment Management.
Stocks in Asia fell in reaction to the end of a four-day meeting on Tuesday that aimed to outline Chinese economic policy for the coming decade. Investors noted a lack of clarity around financial reform, with little effort to reduce state dominance of the economy.
Germany's DAX stumbled 0.24% to 9,054.83 while London's FTSE declined 1.44% to 6,630. The Nikkei shed 0.15% to close at 14,567.16 while the Hang Seng was 1.91% lower at 22,463.83.
Ten year U.S. Treasuries were surging 17/32, suppressing the yield down to 2.712%.
--By Andrea Tse and Joe Deaux in New York