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Dow Closes Above 15,000, Retail Stocks on the Rise

Wall Street pressed ahead to new highs today.

The stock market kept reaching higher today.

The Dow Jones Industrial Average gained 0.6 percent, or 87.31 points, to close at 15,056.20—its first close above 15,000 ever.

Retail stocks went along for the ride and the S&P 500 Retailing Industry Group rose 0.4 percent, or 3.16 points, to 765.81, the index’s highest close on record.

The fashion sector was led by Fossil Inc., which rose 9 percent to $107.88 after the company posted a strong first-quarter and upped its profit guidance for the year; Abercrombie & Fitch Co., 6.3 percent to $52.07; Chico’s FAS Inc., 5.4 percent to $19.18; Urban Outfitters Inc., 4.8 percent to $43.66, and Fifth & Pacific Cos. Inc., 4 percent  to $21.90.

Investors had been looking for a reason to test new highs on Wall Street and found it last week when the Labor Department said the U.S. economy added 165,000 new jobs in April and that the unemployment rate fell to 7.5 percent.

That’s an indication that the economy is strengthening. The government is also trying to spur on growth with low interest rates.

In Europe, stocks closed near a five-year high.

The FTSE MIB in Milan led the way, gaining 1.5 percent to 17,121.87 as the DAX in Frankfurt moved ahead 0.9 percent to 8,181.78, London’s FTSE 100 climbed 0.6 percent to 6,557.30 and Paris’ CAC 40 rose 0.4 percent to 3,921.32.

The Swiss franc traded at $1.07 against the dollar as the pound went for $1.51 and the euro for $1.31.
Retail and luxury stocks put on a mixed show with the day’s biggest gainers including Carrefour, up 2.8 percent to 23.09 euros; Compagnie Financière Richemont, 1.7 percent to 78.65 Swiss francs, and Mulberry, 1.5 percent to 9.03 pounds.

Among those shares losing stocks were Asos.com, down 2.8 percent to 34.75 pounds; Burberry, 1.9 percent to 13.52 pounds, and Inditex, 1.2 percent to 101.55 euros.