DJIA JUMPS AGAIN, BUT NIT RETAILERS

NEW YORK — Encouraged by a continuing flow of strong first-quarter earnings reports Wednesday, stock prices jumped 92.71 points on the Dow Jones Industrials, racking up the second strong gain in as many days.
However, most fashion stocks moved only fractionally. Sears Roebuck continued to recover from its credit card fiasco, adding 5/8 to 48 3/4. Standard & Poor’s affirmed Sears debt rating, reasoning that the impact of the credit problem would not hurt its credit standing.
The Estee Lauder Cos. picked up 1 1/4 to 43 1/2 Wednesday. Its stock had been under downward pressure, prompting the company to announce that its earnings would be right on target. Gucci Group eased 1 3/8 to 73 3/8, giving up some of the gains it has been racking up since reporting a jump in 1996 earnings.
Otherwise, fashion stocks were pretty much marking time on Wednesday.

load comments
blog comments powered by Disqus