Stocks Recover for Second Day

U.S. equities swung higher Wednesday as investor angst about global growth continued to recede for the second day.

Retail stocks, however, trailed benchmark indices such as the Dow Jones Industrial Average, and the S&P 500 index, which both gained 1 percent.

A basket of industry stocks tracked by Footwear News rose an average of 0.6 percent, although eight out of 34 counters lost ground.

Macy’s Inc., Nike Inc. and Skechers USA Inc. were collectively the top gainers, each rising 2.4 percent to close at $47.73, $61.85 and $23.38 a share, respectively.

Shoe Carnival Inc. lost the most, closing 2.1 percent lower at $23.50 a share. Finish Line Inc. and Foot Locker Inc. both slipped 2 percent.

The market had sold off last week after the Federal Reserve’s latest policy-setting meeting. But helping to calm investor fears Wednesday were market-friendly comments from the European Central Bank, which said that withdrawing exceptional monetary policy measures was a distant prospect.

Asian markets also were buoyed earlier in the day by a statement from China’s central bank to assuage fears about a lending crisis.

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