Wall Street stocks hit fresh record highs on Thursday as rising oil prices and strong earnings from department stores Macy's and Kohl's buoyed investor sentiment. Bobbi Rebell reports.
A stock market triple play with the three major indices closing out Thursday's session at all-time highs boosted by strong results from department stores and a surge in oil prices. Fiduciary Trusts' Ronald Sanchez: SOUNDBITE: RONALD SANCHEZ, CHIEF INVESTMENT OFFICER, FIDUCIARY TRUST, (ENGLISH) SAYING: "The new record that we set is about three percent higher than the previous record of just about a year ago. So, I think, we are going to be in a choppy environment here. Markets are full, and, I do think, it will be interesting second half. " Shares of Macy's and Kohl's huge drivers of the indices. Macy's reporting better-than-expected quarterly results, and announcing plans to close 100 stores, most in 2017. The company is going to focus more on its online business. Kevin O'Leary, chairman of O'Shares ETFs: SOUNDBITE: KEVIN O'LEARY, CHAIRMAN, O'SHARES ETF'S, (ENGLISH) SAYING: "The Macy's move makes sense. They have got to, actually, become very proactive, and resize themselves, and reconstruct their business model to compete in a new world." Kohl's sales and profit beat analyst's estimates. The company is doing a better job at inventory management. Kohl's results were also boosted by demand for summer clothes and accessories in the warm weather. Alibaba stock a winner after the Chinese e-commerce giant reported a surge in mobile revenue. Turning to Europe, strong earnings helping to put the major indexes in the plus column for the day.