CORRECTED-US STOCKS-Wall St edges higher as retail stocks gain

Reuters

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 (Corrects fourth bullet to "up" from "down")
    * North Korea says may have to "reconsider" summit
    * Macy's jumps after results, lifts other department stores 
    * AMD, Micron rise after brokerage actions
    * Indexes up: Dow 0.18 pct, S&P 0.30 pct, Nasdaq 0.36 pct 

    By Medha Singh
    May 16 (Reuters) - Wall Street edged higher on Wednesday as
Macy's strong results helped drive gains in retails stocks and
more than offset losses in energy shares.
    Macy's  M.N  rose 5.7 percent after reporting a much
better-than-expected rise in same-store sales and quarterly
profit in the first quarter. That helped shares of other
retailers, including J. C. Penney  JCP.N , Kohl's  KSS.N  and
Nordstrom  JWN.N , which were all up between 1.5 percent and 3
percent.  urn:newsml:reuters.com:*:nL3N1SN4OM
    The consumer discretionary index  .SPLRCD  rose 0.61
percent, providing the biggest boost to the S&P 500 index.
    However, a fall in oil prices and growing doubts about the
U.S.-North Korea summit next month capped gains on the major
indexes.
    North Korea threw next month's summit between Kim Jong Un
and President Donald Trump into doubt, threatening weeks of
diplomatic progress by saying it may reconsider if Washington
insists it unilaterally gives up its nuclear weapons.
 urn:newsml:reuters.com:*:nL3N1SN1QK
    The country's threat to cancel the June 12 summit in
Singapore adds to the jitters in the market, which is already
dealing with China-U.S. trade tensions and inflation concerns.
    Oil prices took a hit from an anticipated rise in U.S. crude
inventory, pulling the S&P energy index  .SPNY  down 0.25
percent. 
    At 9:55 a.m. EDT the Dow Jones Industrial Average  .DJI  was
up 44.59 points, or 0.18 percent, at 24,751.00, the S&P 500
 .SPX  was up 8.13 points, or 0.30 percent, at 2,719.58 and the
Nasdaq Composite  .IXIC  was up 26.33 points, or 0.36 percent,
at 7,377.96.    
    The Dow Jones Industrial Average  .DJI  and the Nasdaq
 .IXIC  recorded their biggest one-day percentage drop in three
weeks on Tuesday after strong retail sales data stoked inflation
worries.
    "Traders are looking for some stability coming off of the
sharp decline yesterday," said Andre Bakhos, managing director
at New Vines Capital LLC in Bernardsville, New Jersey.
    "(They are) looking for a little more visibility coming from
the trade front with China even as concern over inflation keeps
rearing its head."
    The U.S. 10-year Treasury yield  US10YT=RR  spiked above the
key 3 percent level to its highest since July 2011 on Tuesday
after the retail data.
    Federal funds futures implied that traders saw a 54 percent
chance that the U.S. Federal Reserve would raise rates for a
fourth time by year-end.  MMT/ 
    Micron  MU.O  rose 3.3 percent after RBC Capital Markets
began coverage with an "outperform" rating, while AMD  AMD.O 
gained 1.7 percent after a rating upgrade at Susquehanna.
    Advancing issues outnumbered decliners by a 2.43-to-1 ratio
on the NYSE. Advancing issues outnumbered decliners by a
2.02-to-1 ratio on the Nasdaq.
    The S&P index recorded nine new 52-week highs and two new
lows, while the Nasdaq recorded 51 new highs and 19 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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