Why Shares of Macy's, Nordstrom, and Dillard's All Rose Sharply on a Terrible Day for Wall Street
Shares of department store chain Macy's (NYSE: M) rose as much as 16.5% on Jan. 24 even as the broader market crumbled. Joining Macy's ascent were peers Nordstrom (NYSE: JWN) and Dillard's (NYSE: DDS), which were up 12.5% and 18.5%, respectively, at their peaks. As of roughly 3 p.m. ET, Macy's was still higher by 15% or so, with Nordstrom holding on to a 9.5% advance and Dillard's notching a 10% gain.
Image source: Getty Images.
There was no particular news out of these three retailers, but there was some news out of Kohl's (NYSE: KSS), and it appears to have gotten investors excited about the department store sector despite the particularly bearish tone of trading today.
Source Fool.com
