By  on January 23, 2008

While investors on Wall Street dumped stocks Tuesday on fears of a recession, there was renewed optimism about at least one sector: retail.

The S&P Retail Index surged 5.4 percent to 394.39 as shares of retailers across all channels responded to the Federal Reserve Board's emergency — and unprecedented — interest rate cut of 75 basis points. Investors are already banking on another rate cut next week.

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