Shares of Dillard’s Inc. rallied Thursday as Wall Street forged ahead — and grew increasingly comfortable with President-elect Donald Trump — but investors got ahead of themselves and the stock sank back down after the retailer reported sinking income and sales.

Dillard’s third-quarter net profits fell 50 percent to $22.8 million, or 67 cents a diluted share, from $45.7 million, or $1.19, a year earlier, when the sale of three stores produced a tax credit that boosted income to the tune of 16 cents share. Expenses rose over the quarter, totaling 30.1 percent of sales, or $410.5 million, up from 28.8 percent of sales a year earlier.

Sales for the three months ended Oct. 29 declined 4.8 percent to $1.37 billion from $1.43 billion with a 4 percent comparable store drop.

The stock — perhaps boosted by optimism from Kohl’s Corp. — rose 9.9 percent in regular trading only to sink 4.9 percent to $67 after the company weighed in with third-quarter results.

The department store said that all of its product categories posted declines, although sales in home and furniture, juniors’ and children’s apparel, ladies’ apparel and men’s clothing and accessories were better than the average. Weaker categories included ladies’ accessories, lingerie, cosmetics and shoes.

William Dillard 2nd, chief executive officer, said: “Our sales decline continued to weigh heavily on profitability during the third quarter. As we work through this tough time, we are focused on improving customer experience through attracting and maintaining premium brands while providing exceptional service. Shareholder return remains a priority, and we returned $55 million of cash to shareholders through share repurchase and dividends.”

While Wall Street was typically seen as backing Hillary Clinton and not wanting to go through the uncertainty of a Trump presidency, investors have warmed to the surprise victor.

The Dow Jones Industrial Average shot up 218.19 points, or 1.2 percent, to 18,807.88, having set a new all-time high of 18,873.66 in midday trading.

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