INDUSTRY STOCKS RISE
Byline: Evan Clark
NEW YORK — Stocks recovered from recent declines Tuesday, with many apparel and retail issues outperforming the market at large.
The Dow Jones Industrial Average jumped 129.88 points, or 1.3 percent, to 9,893.84, more than making up its 0.9 percent drop on Monday, when energy-trader Enron filed for bankruptcy and Mideast tensions intensified. The broader Standard & Poor’s 500 Index was up 13.31 points, or 1.2 percent, to 1,143.21, while the S&P Retail Index picked up 10.31 points, also 1.2 percent, to end the day at 889.63.
Department stores split, with increases above and below the average. Federated’s shares rose 34 cents, or 0.9 percent, to $36.74, while May Co.’s stock picked up 22 cents, or 0.6 percent, to $34.75. Kohl’s saw its shares lift $2.60, to $69, while embattled Saks traded up 53 cents, or 6.6 percent, to $8.55 a share. Dillard’s, which endured a debt downgrade from S&P on Monday, dropped 71 cents, to close at $15.49. The discounters’ shares continued their run. Wal-Mart rose 59 cents, to $55.17, while Target picked up 20 cents, to $37.36, and Kmart increased 28 cents, to $6.09 a share.