Shares of Tiffany & Co. rose in trading on the Big Board Wednesday, while shares of Saks Inc. lost ground.
Tiffany’s rise up was boosted by an upgrade by Goldman Sachs analyst Adrianne Shapira to “buy” from “neutral,” noting that the franchise remains “rock solid.” The stock closed up 4.5 percent to $55.25.
Shapira also downgraded Saks Inc. to “sell” from “neutral” based on possible slowing on top-line growth coupled with margin contraction. Shares of Saks reacted by dropping 2.5 percent to $10. In general, positive financial results from companies reporting earnings helped to boost the major market indices, with the exception of Asia.
In the U.S., the Dow Jones Industrial Average rose 0.8 percent to 12,908.70, while the S&P Retail Index was up 0.6 percent to 613.93.
Among the major movers were Christopher & Banks Corp., up 6.2 percent to $$1.55 and Pacific Sunwear of California Inc., gaining 6 percent to $1.94.
Earlier in the day, the global trading sessions in Asia didn’t fare as well.
Japan’s Nikkei 225 fell .3 percent to 8,726.7, while Hong Kong’s Hang Seng Index was down 1.1 percent to 19,239.88.
The European markets did better, buildingt on their earlier gains Wednesday to close the day in positive territory.
The CAC 40 in Paris gained the most, up 1.8 percent to 3,235.40, while the DAX in Frankfurt rose 1.6 percent to 6,684.42. The FTSE 100 in London rose 1 percent to 5,685.77, while the FTSE MIB in Milan gained 0.4 percent to 13,594.39.
Positive financial results from companies including Credit Suisse, financial services group Nordea and technology firm ASML were said to have boosted investor sentiment. That added to upbeat news from the U.K.’s Office of National Statistics earlier in the day, with the announcement that unemployment in the country had fallen 0.2 percent in the three months to May, to 8.1 percent.
Fashion, luxury and retail stocks had a largely positive day. Those that rose the most included Burberry, up 3 percent to $19.26; Richemont, which gained 3.1 percent to $53.46; Mulberry, which rose 3.5 percent to 13.20 $20.64 and Swatch Group, up 3.2 percent to $65.42.