U.S. retail stocks inched up to a new high today as the market’s were buoyed by Greece’s efforts to trim back, paving the way to another round of bailout funds.
The S&P Retail Index rose 1.1 percent, or 5.95 points, to 568.09 and at one point traded as high as 569.07 — above the index’s previous peak set last week. The Dow Jones Industrial Average rose 0.6 percent, or 72.81 points, to 12,874.04.
Among the gainers were Zale Corp., up 4.1 percent to $3.02; Fossil Inc., 4 percent to $104.50; Quiksilver Inc., 4 percent to $4.73; Chico’s FAS Inc., 3.2 percent to $12.37, and Hanesbrands Inc., 3 percent to $27.34.
Europe’s markets were also up following a yes vote by Greece to new austerity measures as well as an upbeat survey by the OECD, or Organization for Economic Cooperation and Development. The FTSE 100 climbed 0.9 percent to 5,905.70 while the DAX in Frankfurt advanced 0.7 percent to 6,738.47. The CAC 40 in Paris climbed 0.3 percent to 3,384.55 and the FTSE MIB in Milan rose 0.1 percent to 16,369.28.
The region’s biggest gainers including Aeffe, which rocketed 6.8 percent to 0.70 euros; Yoox, which climbed 2 percent to 10.23 euros; and Hermes, which advanced 1.7 percent to 271.70 euros. Losing ground were Burberry Group, which tumbled 1.3 percent to 13.91 pounds; Ferragamo, which sank 1 percent to 12.93 euros; and Safilo Group, which retreated 0.7 percent to 5.64 euros. The euro traded at $1.32 while the pound traded at $1.58.
On Sunday, the Greek parliament voted in favor of a new austerity package that will allow it to secure a second round of bailout funds. Meanwhile, the OECD issued a report saying that the UK will likely avoid a recession this year, and that there were clear signs of growth in major world economies such as India and Russia.