The moderate gains from the stock market today were far from making up for this week's major losses, but they were welcomed none the less. Though the sectors were fairly mixed, the overall indices sported decent gains. The Dow gained 47 points on the day. The Nasdaq finished higher by 14 points. The S&P 500 closed with gains of 10.46 points, or 0.79%.
Retailers were the strongest group in today's market. The retail sales data this morning wasn't a pretty picture overall, but there were pockets of strength, and expectations were extremely low. Kohl's (NYSE:KSS) is a good picture of today's trading in the retail space. The company reported worse than expected same store sales and lowered its profit forecast for the full year, but its shares jumped 6.64% despite that news. The Gap (NYSE:GPS) same store sales fell less than expected and the stock charged higher by 7.2%. Guess? Inc. (NYSE:GES) shares gained 8.63% on the day today. American Eagle (NYSE:AEO) shares gained 4.7% on the day. Gymboree (Nasdaq:GYMB) and Zumiez (Nasdaq:ZUMZ) were two of the specialty retailers that surprised to the upside in their same store results. GYMB shares gained 9.97% and ZUMZ shares gained 9.77% on the day.
Transportation stocks were also very strong, with airlines proving to be the big winners today. Southwest Airlines (NYSE:LUV) gained 7.86% on twice its normal volume today. American Airlines (NYSE:AMR) shares rose by 6.1% in today's trading. JetBlue (Nasdaq:JBLU) charged higher by 10.05% on the day. Dryships (Nasdaq:DRYS), the largest drybulk shipper in the world, gained 8.15% on the day.
Most financials gained ground on the day today, but isn't wasn't a major move, and there were some areas of weakness. Bank of New York Mellon (NYSE:BK) gained 2.42% in today's trading. JP Morgan Chase (NYSE:JPM) shares rose by 3.18% on the day. Mastercard (NYSE:MA) shares lost 1.99% and Assurant (NYSE:AIZ) shares lost 4.92% as part of the weaker side of the financial trade today.
The jobless claims number came in today at 356,000, which was worse than economists were looking for. This number is very concerning since the jobs market is the absolute endgame for those hoping this economy can stay out of a recession. If the jobs market continues to weaken, there will be no stopping a recession in our economy.
Today's trading did very little to lessen the overall fears that have been in the market of late because of the economic worries. Earnings and economic data will likely drive trading in the next few days.
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