By and  on February 27, 2013

Retail stocks gained ground today as Wall Street briefly touched a five-year high and proved to be strong enough to support a rumor that accessories giant Coach Inc. could put itself on the market.

A Coach spokeswoman batted away the talk, noting, “We do not comment on speculation or rumors, particularly unsubstantiated ones.” But the report, attributed to DealReporter, was enough to push shares of Coach up as much as 5.4 percent before the stock closed up 2.8 percent at $47.82. More than 14 million shares traded hands, well above the 5.5 million daily average for the past three months.

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