NEW YORK — Wall Street’s recent rhythm has been one step forward and several steps back, and fashion fell into the groove Tuesday with a large jump ahead.
After three consecutive sessions of declines, shares in the Dow Jones Industrial Average surged 230.46 points, or 2.9 percent, to end the day at 8,274.09. The blue chips rose as high as 8,418.15 in intraday trading, but still closed 5.3 percent below last Wednesday’s close.
The Standard & Poor’s 500 climbed 24.97 points, or 3 percent, to 859.57. S&P’s retail index outperformed the broader market with a 3.6 percent rise, adding 9.36 points to end at 268.66.
Providing some of the fuel for the market’s advance were a strengthening dollar and hope that the Federal Reserve would lower interest rates even further.
Department stores watching their shares rise included Nordstrom, up $1.02, or 6.1 percent, to $17.74; Dillard’s, $1.15, or 5.3 percent, to $22.90; J.C. Penney Co., 84 cents, or 5.3 percent, to $16.75; Kohl’s, $2.47, or 3.9 percent, to $65.32; Federated, $1.29, or 3.9 percent, to $34.19; Neiman Marcus, 89 cents, or 3.4 percent, to $27.20 and May Co., 74 cents, or 2.7 percent, to $28.19.
The major discounters also fared well with shares of Target picking up $1.25, or 4 percent, to close at $32.75 while Wal-Mart’s stock price rose $1.68, or 3.7 percent, to $47.28.
Specialty stores enjoying the sentiment on Wall Street with increases in share price included several teen chains that had recently traded downward. Shares of Pacific Sunwear were up $1.33, or 8.1 percent, to $17.72; Chico’s, $1.01, or 7.5 percent, to $14.50; Abercrombie & Fitch, $1.29, or 6.7 percent, to $20.58; Wet Seal, 70 cents, or 6.2 percent, to $12.06; Ann Taylor, $1.35, or 5.9 percent, to $24.25 and Claire’s, 90 cents, or 5.5 percent, to $17.35.
Apparel vendors with ascending share prices included Coach, increasing$1.80, or 8.3 percent, to $23.50; Polo Ralph Lauren, $1.22, or 6.5 percent, to $19.90; LVMH Moët Hennessy Louis Vuitton, 46 cents, or 6.1 percent, to $8.06; Tommy Hilfiger, 66 cents, or 5.3 percent, to $13.05; Liz Claiborne, $1.26, or 4.7 percent, to $28.10; Jones, $1.31, or 4.1 percent, to $32.99; VF Corp., $1.48, or 4 percent, to $38.09 and Gucci, $1.32, or 1.5 percent, to $86.90.
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