NEW YORK • Stocks closed broadly higher on Wall Street Thursday as investors cheered a strong set of quarterly results from Macy’s and other retailers.

The S&P 500 rose 2% and is on pace for its first weekly gain after seven straight losses, its longest such stretch since 2001.

The Dow Jones industrials rose 1.6% and the Nasdaq gained 2.7%.

Smaller stocks also made strong gains, a sign of bullishness on the economy.

Bond yields rose. The yield on the 10-year Treasury, which helps set interest rates on mortgages, rose to 2.75% from 2.74% late Wednesday.

Roughly 90% of the stocks in the S&P 500 rose, with tech companies, banks and retailers driving the rally.