Retail Stocks Rise
Retail stocks are on the rise, climbing 4.4 percent Thursday. And apparently, one man is getting all the credit.
Some of the retail stores and brands that were doing the worst in this struggling economy, have gotten the biggest boost from Tim Geithner and his optimism-inspiring plan. Saks shares went up 15 percent. Ann Taylor, 18 percent; Liz Claiborne, 16.2 percent; Quicksilver, 18.8 percent, and Macy’s, 10.2 percent.
So who is this retail saving man? He is the current United States Secretary of the Treasury, and he has just unveiled encouraging new regulatory framework in the financial-services industry that boosted investor morale and confidence.
Geither told the House Financial Services Committee, “What we need is better, smarter, tougher regulation, because we’ve seen the costs of these weaknesses and gaps are catastrophic to the system as a whole.”
After he spoke those words the stocks began climbing. Experts say that full financial healing won’t come for about another year, but things also shouldn’t get any worse.
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