Wall Street recovers as technology stocks bounce back
November 22, 2018792 views0 comments
U.S. stocks recouped some losses on Wednesday after a brutal two-day selloff as strong earnings from Foot Locker and gains in technology stocks lifted investor sentiment ahead of the Thanksgiving holiday.
Foot Locker Inc shares surged 15.9 percent after the footwear retailer’s quarterly same-store sales trumped expectations and boosted other sports retailers.
Shares of Dick’s Sporting Goods Inc and Hibbett Sports Inc rising about 3 percent, while those of Nike Inc, a Foot Locker supplier, gained 1.5 percent.
Gap Inc rose 4.4 percent after several Wall Street brokerages took positively to Chief Executive Arthur Peck’s more aggressive plan to close underperforming stores, which is expected to eliminate significant losses.
Gains in Foot Locker and Gap helped push the S&P consumer discretionary index 1.7 percent higher.
The S&P energy index led the gainers among the 11 S&P sectors with a 2.5 percent rise, as oil prices steadied after a 6 percent plunge the previous day. [O/R]