Stocks gained during a holiday-shortened trading session yesterday as traders snapped up retail stocks, heartened by signs that the year-end shopping season had kicked off to a strong start.
Discount retailer Wal-Mart and department store operator Federated Department Stores helped boost broad-market indices during a light trading session. Wal-Mart gained 71 cents to $55.83, while Federated gained $1.10 to $38.21.
Deep discounting has helped to lure shoppers into malls despite large job losses and the economic slump following the September 11th air attacks.
Traders also said they were optimistic the war in Afghanistan may end soon. Hopes for a rebound in the economy and corporate profits some time next year have helped drive the market higher in recent weeks, pulling it off three-year lows. "People have begun to look forward and think some of these stocks can recover," said Mr Rick Meckler, president of investment firm LibertyView.
US consumers mobbed shopping malls on Friday, traditionally the busiest shopping day of the year.
