Wal-Mart, BJ's, J.C. Penney among retail winners
Retailers gained ground as the Senate moved to extend unemployment benefits.
By Jeanine Poggi, TheStreet
Retailers were rallying as the Senate made moves to extend unemployment benefits, which could provide a boost to dwindling consumer confidence.
The S&P Retail Index was rising 1.9% to 399.46, led up by safety stock Wal-Mart (WMT).
Elsewhere in the discount sector, BJ's Wholesale (BJ) climbed on renewed takeover chatter. Shares of the company closed 2.5% higher to $44.91.
Cowen & Co. said shares of the company are attractively priced, falling 26% since its first-quarter earnings report. And with just over 300 full-line stores and factory outlets, its small brick-and-mortar base also means J.Crew has plenty of growth opportunities.
RadioShack (RSH) was one of the few retailers in the red, as the potential for a buyout waned. Reuters reported that two private-equity groups, Blackstone Group (BX) and TPG Capital, are unlikely to unlikely to pursue a potential bid for the retailer, citing sources familiar with the matter.
Shares of RadioShack tumbled 6.6% to close at $20.05.
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Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
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