Fashion and tech have switched places on Wall Street — at least for a nano second.
Retail stocks jumped in midday trading Thursday as Macy’s Inc. cut a real estate deal to boost shareholder value, Kohl’s Corp. was optimist headed into the holiday season and Ralph Lauren Corp. topped quarterly earnings projections.
Those glimmers of hope helped buoy the sector, which also enjoyed a boost from the broader rally that has welcomed the surprise election of Donald Trump as president.
The Dow Jones Industrial Average was up 1 percent, or 185.74 points, to 18,775.43 having come down slightly from a new all-time high of 18,792.88.
Joining in the rush up were Kohl’s Corp., ahead 11.6 percent to $51; G-III Apparel Group, 9.2 percent to $29.58; Dillard’s Inc., 9.1 percent to $69.98; Nordstrom Inc., 9 percent to $56.99; J.C. Penney Co. Inc., 7.4 percent to $8.98; Macy’s, 6.9 percent to $41.04, and Ralph Lauren, 4.8 percent to $107.03.
Kevin Mansell, chairman, chief executive officer and president of Kohl’s, noted recent signs for optimism: “I’m happy to say we ended the quarter strongly in October and saw progressive sequential improvement throughout the month….The month of October ended basically flat to last year, which is encouraging as we enter the holiday season.”
Men’s was the company’s strongest business category, with strength in active and tailored looks.
Investors are still trying to parse impact of the isolationist tendencies of president-elect Trump on the high flying and very global tech crowd.
Among those losing ground in the tech sphere were Amazon.com Inc., down 3.8 percent to $742.68; Apple Inc., 2.2 percent to $108.49; Facebook Inc., 1.9 percent to $120.83, and Alibaba Group Holding, down 1.8 percent to $94.94 as its shopping holiday, Singles’ Day gets under way in China.