Stocks Slip on Tuesday

Stocks Slip on Tuesday
Wall Street

Footwear stocks dipped slightly Tuesday despite benchmark indices rising on new signs that the U.S. housing rebound is gaining ground.

The latest S&P Case-Shiller index of property values, released before the market opened, increased 5.5 percent from November 2011, the biggest year-over-year gain since August 2006.

But at the same time, the Conference Board’s Consumer Confidence index decreased to 58.6, the weakest level since November 2011, from a revised 66.7 in December.

As a result, the S&P 500 and Dow Jones Industrial Average both closed the day 0.5 percent higher, at 1,507.84 points, and 13,954.42 points, respectively.

However, a basket of 45 industry stocks tracked by Footwear News slipped a median of 0.2 percent.

The top gainer was J.C. Penney Co., which surged 9.3 percent to $21.01 a share after the department store said it will resume holiday-related promotions in another adjustment to embattled CEO Ron Johnson’s pricing strategy.

Macy’s Inc. was second, gaining 1.4 percent to $39.95 a share.

The biggest loser was Amazon Inc., which slumped 5.7 percent to $260.35. But the Zappos.com parent’s stock rebounded nearly 7 percent after hours, when it announced its fourth-quarter operating income jumped 56 percent to $405 million. Revenue also rose 22 percent to $21.27 billion as the firm grabbed a big share of online spending over the holiday period.