By  on July 15, 2008

Macy’s Inc.’s shares rebounded Monday, almost erasing the 4.9 percent decline on Friday, after J.P. Morgan upgraded the stock to “neutral” from “underweight” and investors digested chief executive officer Terry Lundgren’s defense of the retailer.

Although retail stocks fared better Monday than they did during Friday’s torturous session, the rally in Macy’s shares was exceptional. The Standard & Poor’s Retail Index declined 0.6 percent to end the day at 325.99.

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