Shares of department store chain Macy's (NYSE: M) rose as much as 16.5% on Jan. 24 even as the broader market crumbled. Joining Macy's ascent were peers Nordstrom (NYSE: JWN) and Dillard's (NYSE: DDS) , which were up 12.5% and 18.5%, respectively, at their peaks. As of roughly 3 p.m. ET, Macy's was still higher by 15% or so, with Nordstrom holding on to a 9.5% advance and Dillard's notching a 10% gain.
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There was no particular news out of these three retailers , but there was some news out of Kohl's (NYSE: KSS) , and it appears to have gotten investors excited about the department store sector despite the particularly bearish tone of trading today.
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Why Shares of Macy's, Nordstrom, and Dillard's All Rose Sharply on a Terrible Day for Wall Street