U.S. retail stocks rose solidly today with Macy’s Inc., Amazon.com Inc., Target Corp. and Tiffany & Co. all pushing the sector higher.
The S&P 500 Retailing Industry Group gained 1.4 percent, or 9.92 points, to 701.84, as the Dow Jones Industrial Average increased 0.7 percent, or 99.22 points, to 13,979.30.
Shares of Macy’s rose 2.9 percent to $39.85 as Amazon.com increased 2.7 percent to $266.89, Target advanced 2.6 percent to $62.40 and Tiffany rose 2.5 percent to $63.72.
In Europe, markets recovered somewhat from Monday’s tumble, which the biggest in three months and was fueled by political drama in Spain and Italy as well as general euro zone concerns.
The FTSE MIB in Milan made the strongest recovery, gaining 1.1 percent to 16,712.26, followed by CAC 40 in Paris, which gained 1 percent to 3,694.70. The FTSE 100 in London advanced 0.6 percent to 6,282.76 and the DAX in Frankfurt grew 0.4 percent to 7,662.66.
The euro was trading at $1.36 against the dollar, while the pound was worth $1.57.
Retail and luxury stocks were mostly up, with the day’s biggest gainers including Mulberry, up 4.4 percent to 12.69 pounds; Inditex, 3.2 percent to 104.10 euros; L’Oréal, 2.2 percent to 111 euros; and LVMH Moët Hennessy Louis Vuitton, 0.8 percent to 135 euros.
Among the stocks losing ground were Yoox, down 4.4 percent to 13.52 euros, and Debenhams, which dipped 2.9 percent to 99 pence.