US STOCKS-S&P, Nasdaq climb on retail, chip gains

Reuters

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    * Macy's jumps after results, lifts other retail stocks
    * Micron, AMD rise after brokerage actions
    * Indexes up: Dow 0.01 pct, S&P 0.16 pct, Nasdaq 0.34 pct

 (Changes comment, adds details, updates prices)
    By Medha Singh
    May 16 (Reuters) - Wall Street edged higher on Wednesday,
helped by gains in retail and chip stocks, while investors
weighed the impact of rising bond yields.
    Investors are worried about a faster rise in interest rates
as the U.S. 10-year Treasury yield  US10YT=RR  hovered near
seven-year high on signs that the U.S. economy is on a stronger
footing in the second quarter.  US/ 
    "Higher rates are going to present headwind to equity
markets. Even with strong economic data, strong earnings, the
markets are still flat year to date," said Michael James,
managing director of Institutional Equity Trading at Wedbush
Securities in Los Angeles.
    "The question remains what multiples are people willing to
pay for equities in this higher rate environment."
    The retailing index was boosted by a 9 percent surge in
Macy's  M.N  shares after the department store operator reported
strong quarterly results and lifted its full-year profit
forecast.  urn:newsml:reuters.com:*:nL3N1SN55P
    Shares of rivals Kohl's  KSS.N  and Nordstrom  JWN.N  were
up about 1 percent each. 
    "You had pretty solid numbers from Macy's and it has been an
early trigger for outperformance in the retail space today,"
James said.
    At 11:19 a.m. EDT the Dow Jones Industrial Average  .DJI 
was down 1.75 points, or 0.01 percent, at 24,704.66, the S&P 500
 .SPX  was up 4.36 points, or 0.16 percent, at 2,715.81 and the
Nasdaq Composite  .IXIC  was up 24.80 points, or 0.34 percent,
at 7,376.43.
    Micron  MU.O  rose 4.3 percent after RBC Capital Markets
began coverage of the stock with an "outperform" rating.
    The Philadelphia SE semiconductor index  .SOX  rose 1
percent.
    Advancing issues outnumbered decliners for a 1.43-to-1 ratio
on the NYSE and for a 1.60-to-1 ratio on the Nasdaq.
    The S&P index recorded 10 new 52-week highs and three new
lows, while the Nasdaq recorded 83 new highs and 31 new lows.

 (Reporting by Medha Singh in Bengaluru; Editing by Anil
D'Silva)
 ((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,
outside U.S. +91 80 6749 1130; Reuters Messaging:
medha.singh.thomsonreuters.com@reuters.net))

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