Retail stocks bounced back Wednesday morning, rising 1.9 percent after the private sector showed a stronger-than-expected gain in employment last month.
By noon, the S&P Retail Index had advanced 7.55 points to 413.22, working its way back from Tuesday’s 7.92-point retreat. The Dow Jones Industrial Average perked up a milder 0.3 percent, or 30.81 points, to 10,667.19. Wall Street’s retail gainers included Coach Inc., ahead 3.9 percent to $38.56, and Saks Inc., up 3 percent to $8.56.
International markets were relatively subdued outside of Tokyo, where the Nikkei 225 fell 2.1 percent to 9,489.34.
Investors took encouragement from the ADP National Employment Report, which showed that nonfarm private employment rose by 42,000 in July from June. Economists expected a lesser gain of 35,000.
For complete coverage, see Thursday’s issue of WWD.