Stocks Opened Higher; Macy’s Cut Forecasts

U.S. stocks opened higher on Wednesday with trading volumes were expected to be low as bond markets and banks are closed in observance of Veterans Day. The Dow Jones Industrial Average lately added 18.47 points, or 0.10%, to 17,776.68. The S&P 500 was up 1.70 points, or 0.08%, to 2,083.42. The Nasdaq Composite was up 0.88 point, or 0.02%, to 5,084.13.

Macy’s Inc (M.N) slashed its full-year sales and profit forecasts and reported a surprise drop in quarterly same-store sales as customers cut back on expenditure and a strong dollar discourages tourists from spending at its stores.The company said it expected same-store sales to fall by 1.8-2.2 percent in the year ending January.
Apple is to hire an additional 1,000 staff in Ireland, a government minister said on Wednesday, as the U.S. technology company bids to boost its presence in the country where it declares much of its profit for tax purposes.

Anheuser-Busch InBev on Wednesday formalized a deal to acquire its British-South African rival SABMiller for $107 billion, creating a gigantic global beer company in an era when many drinkers are imbibing beers from smaller brewers.

Crude oil prices fell on Wednesday after industry data showed an increase in U.S. stockpiles. Benchmark U.S. crude futures (CLc1) slipped to a two-week low at $43.55 a barrel in early trading before trimming losses to trade down 59 cents at $43.62 a barrel by 1211 GMT (07:11 a.m. EST).