Retail stocks capped off a good week with a 1.9 percent gain headed into the long holiday weekend Friday.
The S&P Retail Index rose 10.18 points to 540.14, marking a 5.3 percent increase for the week. Signs of increased manufacturing activity lifted the Dow Jones Industrial Average, which rose 1.4 percent, or 168.43 points, to 12,582.77 Friday, a 5.4 percent gain for the week.
Of the 168 stocks tracked by WWD, 147 gained ground last week, as 6 ended flat and 15 fell. Nike Inc. was among the strongest performers, gaining 13.1 percent to $91.82 following stronger-than-expected fourth-quarter sales and profits.The company also said its sales would go as high as $30 billion by 2015.
Investors started off the week on edge, fretting over the broader ramifications of a potential debt default from Greece, which was ultimately averted. But there are still U.S. economic concerns to deal with. President Obama and Congress are struggling to come to an agreement to raise the debt ceiling.
And the economic recovery’s been slower than expected. Investors are looking forward to Friday when the government will release its June employment report. On average, economists expect another soft month, with payroll gains of 85,000—about half of what is necessary to keep up with population growth.