Wall Street Daily

Dow, S&P Close At Record Highs

Macy’s (M) sales bode well for holiday season. After it said business was getting better, Macy’s stock jumped. U.S. stock markets followed suit, moving to new record highs after Macy’s strong results.

On November 13, The Dow and S&P 500 hit a new record high along with the Nasdaq’s reported gains. However, Sam Stovall, Chief Equity Strategist at S&P Capital IQ, suggests that investors tread carefully.

Stovall says, “We call ourselves bulls with lower case b’s. So when you say the word ‘aggressive,’ I would say, ‘No, you don’t really want to be an aggressive buyer at this point.’ I think that you probably should be dollar cost averaging into the market so if we do end up getting a correction you can buy on lower prices.”

Yesterday’s milestone conveniently came hours before today’s big Senate Banking Committee. The Fed is making significant headway, according to Fed Chairman nominee Janet Yellen, but she admits we are certainly shy of maximizing our full potential. The economy requires much more work by the Fed.

To the contrary, uncertain central bank policies have concerned European stocks taking a step back.

Cisco (CSCO) also didn’t make out so great after yesterday’s closing bell. In fact, it reported missed forecasts.

Snapchat, a mobile messaging start up, turned down Facebook’s (FB) acquisition cash offer of $3 billion. According to The Wall Street Journal, this would have been Facebook’s largest deal ever.

It’s so hard to say goodbye to yesterday: Starbucks (SBUX) cuts its grocery coffee contract with Kraft Foods Group (KRFT) three years early. And it’s costing the coffee chain $2.76 billion. There are claims that Kraft mismanaged the coffee brand. Even at the expense of a loss last quarter, Starbucks argues that this is the prudent decision.

Sprint (S) turns down grabs for H Block airwaves. The upcoming government spectrum auction in January will be featuring it, leaving room for Dish Network (DISH) to buy it.

After going public last month, Potbelly (PBPB) reports results that beat Wall Street forecasts.