Warren Buffett’s $1 billion bet on Apple Inc. helped push the tech stock higher today, propelling the Dow Jones Industrial Average as retail and fashion stocks also gained ground.
At the closing bell, Apple Inc.’s stock was up 3.7 percent to $93.88 — no doubt making the Oracle of Omaha happy. The momentum helped pushed the Dow ahead 175.39 points, or 1 percent, to 17,710.71.
Among the gainers with ties to fashion were TJX Cos. Inc., up 3.5 percent to $75.19; Signet Jewelers Ltd., 3 percent to $106.20; Burlington Stores Inc., 2.9 percent to $53.48; Alibaba Group Holding, 2.8 percent to $79.29; PVH Corp. 2.8 percent to $85.75, and Ross Stores Inc., 2.6 percent to $55.74.
First-quarter retail earnings results have been disappointing so far, with the department store players showing signs of weakness, but investors are clearly expecting more from the off-pricers. TJX reports results Tuesday and Ross weighs in on Thursday.
Among the retailers missing out on the rally were: Bon-Ton Stores Inc., down 8.6 percent to $1.80; Dillard’s Inc., 2.8 percent to $58.28; J.C. Penney Co. Inc., 2.5 percent to $7.39; Nordstrom Inc., 1.6 percent to $38.54; Macy’s Inc., 1.6 percent to $30.73, and Lululemon Athletica Inc., 1.3 percent to $60.76.