The stock market rebounded strongly on Friday morning, bouncing back from a late-day hit on Thursday. Investors remain somewhat concerned about the prospect of higher income taxes for high-income taxpayers, but they appeared to discount the immediate impact on the economic recovery. As of noon EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 176 points to 33,991. The S&P 500 (SNPINDEX: ^GSPC) moved higher by 42 points to 4,177, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) climbed 194 points to 14,012.
As the economy recovers, investors are starting to see disparate impacts in the way that certain businesses are performing and how their financial results are affecting stock prices. Shares of Skechers (NYSE: SKX) moved sharply higher on hopes for greater discretionary spending among consumers, but Kimberly Clark (NYSE: KMB) saw its stock lose ground as investors shift away from more defensive plays in the consumer staples arena.
Shares of Skechers moved higher by 16%. The footwear and apparel retailer had impressive results in its first quarter and sees better times ahead.
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Here's What the Stock Market Rotation Really Looks Like