Thursday was a good day for stocks as all three major indices in the U.S. markets hit new highs.
The Dow Jones Industrial Average rose 0.6 percent to 20,172.40, while the S&P 500 also was up 0.6 percent to 2,307.87. The Nasdaq Composite Index rose 0.6 percent as well to 5,715.18.
It wasn’t clear what actually drove stocks up, but President Donald J. Trump on Thursday indicated that there would be some announcement on a tax plan, which he called “phenomenal,” that could unveiled over the next two to three weeks.
Retail stocks, which largely have missed out on the recent Wall Street rally, were among those gaining ground Thursday. Among the discounters, Target Corp. rose 2.5 percent to $66.40, while Wal-Mart Stores Inc. rose 1.9 percent to $69.08. In the department store sector, Kohl’s Corp. rose 3.1 percent to $42.10, while Nordstrom Inc. was up 2.3 percent to $45.55. Shares of J.C. Penney Co. Inc. were up 1.3 percent to $7.07. Shares of Macy’s Inc. saw a 1.2 percent gain to to $32.37.
On the specialty side, Abercrombie & Fitch Co. saw its shares rise 3.6 percent to $12.24, while shares of its competitor down the mall American Eagle Outfitters Inc. rose 2.9 percent to $15.48. Specialty women’s retailer Chico’s FAS Inc. saw its shares increase 3 percent to $13.99.
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The stocks of some apparel firms also notched gains. Michael Kors Holdings Ltd. was up 1.1 percent to $38.27, while Ralph Lauren Corp. shares rose 0.6 percent to $77.98. Rising 0.2 percent each were shares of Kate Spade & Co. to $18.76 and shares of Coach Inc. to $37.53.