Retail stock inched up 0.3 percent on Wall Street today, lagging the Dow Jones Industrial Average, which gained 0.9 percent, or 134.54 points, after President Obama decided to take a wait-and-see approach on the Syrian conflict.
The S&P 500 Retailing Industry Group rose 2.30 points to 837.09 as the Dow Jones closed at 15,326.60.
Among the company’s gaining ground were New York & Company Inc., up 5.5 percent to $5.02; The Jones Group Inc., 4 percent to $15.11; Michael Kors Holdings Ltd., 1.9 percent to $74.58; Under Armour Inc., 1.4 percent to $81.17, and The TJX Companies Inc., 1.2 percent to $54.57. Nike Inc., which is set to join the Dow after the close next week, rose 1.2 percent to $67.59.
President Obama addressed the nation late Tuesday and asked Congress to postpone a vote that would authorize the use of U.S. force in Syria. The administration, along with Russia, is pursuing a diplomatic move that would rid Syria of chemical weapons.
In Europe, markets rose to a five-year high.
The FTSE MIB in Milan rose 1.3 percent to 17,562.55 as Frankfurt’s DAX gained 0.6 percent to 8,495.73 and the CAC 40 in Paris and London’s FTSE 100 both increased 0.1 percent, to 4,119.11 and 6,588.43, respectively.
The pound traded at $1.57 against the dollar, while the euro was worth $1.33.
Even so, retail and luxury stocks had a mixed day. The gainers included Brunello Cucinelli, up 2.3 percent to 24.55 euros; Safilo, 2 percent to 14.03 euros, and Yoox.com, 1.4 percent to 26.15 euros.
Losing ground were Burberry, down 1.6 percent to 16.40 pounds; Hugo Boss, 1.3 percent to 93.64 euros, and Inditex, 1 percent to 107.05 euros.