Retail stocks outpaced Wall Street today, even as the Dow Jones Industrial Average hit another all-time high.
The S&P 500 Retailing Industry Group jumped 1 percent, or 7.07 points, to 729.14. The Dow traded as high as 14,6845.49—a new high-water mark—and closed ahead 0.6 percent, or 89.16 points, to 14,662.01.
Stock markets have been supported by low interest rates and hopes that the economic has stabilized.
Among the fashion-industry gainers were Urban Outfitters Inc., 3.8 percent to $39.87; Limited Brands Inc., 3.0 percent to $46; Tiffany & Co., 2.5 percent to $72; Under Armour Inc., 2.1 percent to $51.62, and Gap Inc., 1.5 percent to $35.74.
European stock markets also closed on the upswing following a lackluster start.
The CAC 40 in Paris advanced 2 percent to 3,805.37, as the DAX in Frankfurt rose 1.9 percent to 7,943.87, the FTSE MIB in Milan increased 1.4 percent to 15,555.03, and the FTSE 100 in London gained 1.2 percent to 6,490.66.
The euro traded at $1.28 against the dollar, while the pound fetched $1.52, and the Swiss franc equaled $1.05.
Among the biggest retail and luxury gainers were Compagnie Financière Richemont, up 3 percent to 76.70 Swiss francs; Carrefour, 3.3 percent to 22.07 euros, and Ferragamo, 3.2 percent to 22.26 euros.
The gains came against a mixed backdrop in Europe. Eurostat said euro zone unemployment has hit a record high of 12 percent, with Greece and Spain leading the decline. But the British Chambers of Commerce said the U.K.’s service sector would likely be strong enough to help the country avert a triple-dip recession.