Retail stocks gained ground today as investors showed more confidence that the Federal Reserve would continue to prop up the economy in hopes of driving down unemployment with low interest rates.
The S&P 500 Retailing Industry Group rose 0.6 percent, or 4.90 points, to 792.07, and the Dow Jones Industrial Average, increased 0.7 percent, or 109.67 points, to 15,179.85.
The gainers included Estée Lauder Cos Inc., up 2.6 percent to $70.20; Avon Products Inc., 2.3 percent to $23.39; Ralph Lauren Corp., 1.7 percent to $176.10, and PVH Corp., 1.6 percent to $125.19.
The Ben S. Bernanke-led Fed begins a two-day meeting on monetary policy on Tuesday and is expected to leave its supports for the economy in place.
That sentiment also helped support markets in Europe, where stocks perked up.
Paris’ CAC 40 rose 1.5 percent to 3,863.66 as Frankfurt’s DAX gained 1.1 percent to 8,215.73, London’s FTSE 100 rose 0.4 percent to 6,330.49 and Milan’s FTSE MIB nudged up 0.3 percent to 16,194.14.
The gainers included Luxottica Group SpA, up 3.4 percent to 39.65 euros; Brunello Cucinelli, 2.6 percent to 17.96 euros; Tod’s, 2.4 percent to 109.90 euros; Salvatore Ferragamo, 2.4 percent to 23.50 euros, and Burberry Group, 2.1 percent to 13.99 pounds.
The pound traded at $1.57 against the dollar while the euro fetched $1.33.