The U.S. stock markets inched up Thursday as investors overcame continuing credit and financial concerns and ran toward companies such as Chevron and Exxon as oil prices rose. The Dow Jones Industrial Average increased 0.11 percent, or 12.78 points, to 11,430.21 as the broader S&P 500 gained 0.3 percent, or 3.18 points, to 1,277.72. Shares in the S&P Retail Index managed to perk up 1.2 percent, or 4.69 points, to 387.77. Among those picking up significant gains for the day were Limited, which climbed 12.9 percent after the retailer upped guidance for the year on Wednesday afternoon; Children’s Place, up 11 percent, and Citi Trends, which advanced 9.8 percent after posting higher second-quarter sales and earnings. Shares of Wal-Mart, a Dow component stock, inched
This story first appeared in the August 22, 2008 issue of WWD. Subscribe Today.
up 0.2 percent. On the other side of the ledger, Hot Topic’s stock was off 17.9 percent after the firm reported a loss for the second quarter and lowered guidance. Also registering stock declines for the day were Macy’s and Dillard’s. Among vendors, G-III continued its ride up with a 3.9 percent gain after inking a deal this week for the Calvin Klein better sportswear license. Other vendors on the upswing included Jones, Coach, Kenneth Cole and VF.
* Editor’s note: European stocks are quoted in the currency of their principal exchanges. Shares on the London Stock Exchange are quoted in pence, Richemont and The Swatch Group are quoted in Swiss francs and Hennes & Mauritz is quoted in Swedish kronor. All other European stocks are in euros.