By  on November 21, 2008

Retail shares advanced 4.6 percent Friday, snapping a five-day losing streak following reports that President-elect Barack Obama plans to name New York Federal Reserve president Timothy Geithner as Treasury secretary, but both Saks Inc. and  Nordstrom Inc. missed out on the rally following scrutiny from debt watchdogs.


The Standard & Poor’s Retail Index ended the day up 9.84 points to 223.34, rising from a record low set Thursday as investors shied away from stocks connected to consumer spending. The Dow Jones Industrial Average jumped 6.5 percent, or 494.13 points, to end the week at 8,046.42.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus