Retail stocks inched up today as investors shifted into wait-and-see mode on Washington’s debt talks.

The S&P Retailing Industry Group gained 0.4 percent, or 3.39 points, to 847.72, as the Dow Jones Industrial Average also increased 0.4 percent, or 64.15 points, to 15,301.26.

 

The nation is expected to run out of money on Thursday if Congress doesn’t act to raise the debt ceiling. Investors generally don’t expect the U.S. to miss any of its debt payments — largely because the probable consequences for the global economy are so severe. Large parts of the federal government have also been closed for two weeks as conservatives battle with President Obama.

Among those gaining ground were on Wall Street Burlington Stores Inc., up 3.2 percent to $27.53; G-III Apparel Group Ltd., 3.1 percent to $55.49; American Apparel Inc., 2.6 percent to $1.19, and L Brands Inc., 2.1 percent to $57.49.

European stock markets were broadly flat at the close. The DAX in Frankfurt edged down 0.01 percent to 8,723.81, while the three other major markets made modest gains.

The FTSE 100 in London was up 0.3 percent to 6,507.65, followed by the FTSE MIB in Milan, 0.2 percent to 18,917.67 and the CAC 40 in Paris, 0.1 percent to 4,222.96.

The euro traded at $1.35 while the pound fetched $1.59 and the Swiss franc equaled $1.10.

load comments
blog comments powered by Disqus