Today the markets moved forward despite a Government shutdown looming in the background. The Dow 30 was higher by 53, the S&P 500 added 12, and the Nasdaq 100 was higher by 40, despite no real news out of Washington about avoiding a shutdown at midnight tonight.
Retail stocks were the big focus today as a plethora of good news hit the sector. Nike (NKE ) shares were higher by 4.5% thanks to an upgrade, and positive comments from Wedbush. Kohls (KSS ) added 5% after getting a price target of $100 from Jefferies. Mattel (MAT ) was higher due to impressive full year guidance and earnings results. Even Under Armour (UA ) shares popped 4% today, riding along with the sector for a change.
Overstock.com (OSTK ) was the leader in the retail space today, adding over 8% on the day. The stock shot up today due to reports from the New York Post that Kroger (KR ) is potentially interested. The company has said previously that they were interested in possibly selling or reorganizing, and it appears Kroger heard that message. Though there are no official deal terms yet, investors cheered the idea. The retail sector was the leading sector in the markets today.
IBM (IBM ) was one of the drags on the Dow 30 today despite the company announcing earnings which were better than expected. The issue with investors was the full year profit forecast that the company guided lower than expected. This, along with another record low for General Electric (GE ) was part of the reason for the Dow 30 not keeping up today.