Retail stocks leapt out of the gate today with the S&P Retailing Industry Group Index increasing 1.4 percent to 1,230 as the Dow Jones Industry Average rose 147 points, or 0.9 percent, to 16,549. The broader S&P 500 picked up 1 percent to 1,943.
Notable gainers were Burlington Stores Inc. with a 14.2 percent gain at the bell to $48.83, and Lululemon Athleta Inc. with an 8.4 percent increase to $59.35. Wall Street was reacting to the ath-leisure retailer’s better-than-expected holiday selling season. The company said the holiday was so strong that it upped its sales and earnings estimates.
Meanwhile, Burlington said it was a tough season, but excluding outerwear sales, results were above expectations.
In Europe, the FTSE 100 rallied with a 1.8 percent gain to 5,976 while the DAX was up 2.4 percent to 10,062. Major indices in Asia were all down save for the Shanghai Index, which closed up 0.2 percent to 3,023.