US stocks have pushed to fresh all-time highs after a strong earnings report from Macy’s raised hopes about the upcoming holiday shopping season.

At the closing bell on Wednesday, the Dow Jones Industrial Average increased 69.10 (0.44 per cent) to 15,819.77, a new record.

The broad-based S&P 500 rose 14.18 (0.80 per cent) to 1,781.87, also a new record, while the tech-rich Nasdaq Composite Index advanced 45.66 (1.16 per cent) to 3,965.58.

Macy’s shot up more than nine per cent after earnings of 47 US cents per share exceeded expectations by eight cents and the company projected full-year profits that exceeded forecasts.

“We are entering the fourth quarter with confidence,” said Macy’s chief executive Terry Lundgren.

Art Hogan, head of product strategy for equity research at Lazard Capital Markets, said the results raised hopes of better news from other retailers, including Walmart, which reports earnings on Thursday (US time).

“It’s a better view of the health of the consumer than we had a few weeks ago,” Hogan said.