Why Apparel Retail Stocks Were Moving Higher Today
Stocks were gaining today after the Federal Reserve announced another rounding of funding to help shore up the economy. The central bank said it would provide $2.3 trillion in loans, including $600 billion as part of its Main Street Lending Program, designed to support small and medium-sized businesses with up to 10,000 employees and up to $2.5 billion in revenue.
Investors saw the announcement as a bullish sign for the recovery, and sent stocks up broadly. Hard-hit retailers were among the biggest winners, as the Fed helped assuage fears of potential bankruptcies and mass store closures. As of 12:21 p.m. EDT, today's winners included Under Armour (NYSE: UAA) (NYSE: UA), which was up 7.9%; Foot Locker (NYSE: FL), which had gained 12.1%; Urban Outfitters (NASDAQ: URBN), which was 7.7% higher; and Ralph Lauren (NYSE: RL), which rose 8%. At the same time, the S&P 500 was up 1.9%.
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Source Fool.com
