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Markets Right Now: Retail gains send indexes to record highs

By The Associated Press Associated Press

The latest on developments in financial markets (All times local):

4:00 p.m.

Stocks indexes closed at record highs on Wall Street again as the market posted its sixth straight gain, its longest winning streak in three months.

The Standard & Poor's 500 index and Nasdaq composite closed at all-time highs Thursday.

Major retailers posted some of the biggest gains.

Best Buy soared 21.5 percent after reporting earnings that beat forecasts. PVH, which owns Calvin Klein and Tommy Hilfiger, rose 4.8 percent.

Slightly more than half of the stocks on the New York Stock Exchange rose. Energy and small-company stocks lagged the market. The price of oil fell sharply.

The S&P 500 increased 10 points, or 0.4 percent, to 2,415.

The Dow Jones industrial average rose 70 points, or 0.3 percent, to 21,082. The Nasdaq climbed 42 points, or 0.7 percent, to 6,205.

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11:45 a.m.

Stocks are climbing for the sixth day in a row as strong results from retailers send major indexes back to all-time highs.

The Standard & Poor's 500 index and Nasdaq composite are trading at record highs Thursday. The market is headed for its longest winning streak in three months.

Best Buy soared 18 percent after reporting earnings and sales that beat analysts' forecasts. PVH, which owns Calvin Klein and Tommy Hilfiger, rose 5.7 percent.

The S&P 500 index increased 9 points, or 0.4 percent, to 2,413.

The Dow Jones industrial average rose 54 points, or 0.3 percent, to 21,067. The Nasdaq composite climbed 36 points, or 0.6 percent, to 6,199.

Oil prices fell as OPEC leaders met to discuss extending last year's production cut.

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9:35 a.m.

A strong batch of earnings from retailers including Best Buy is sending stock prices higher in early trading on Wall Street.

Best Buy soared 12 percent early Thursday after reporting earnings and sales that came in well ahead of what analysts were expecting.

Williams-Sonoma gained 3.9 percent and PVH, which owns Calvin Klein and Tommy Hilfiger, rose 5.4 percent.

The market has risen for five straight days. If it closes higher again on Thursday it will mark the longest winning streak in three months.

The Standard & Poor's 500 index increased 4 points, or 0.2 percent, to 2,409.

The Dow Jones industrial average rose 52 points, or 0.3 percent, to 21,064. The Nasdaq composite climbed 16 points, or 0.3 percent, to 6,179.