Footwear stocks are back in the green today following across-the-board declines yesterday attributable to a three-plus-hour trading halt on the New York Stock Exchange, along with the ongoing economic crisis in Greece and the decline in China’s equity market.
Skechers USA Inc., Nike Inc., Wolverine World Wide Inc., Steve Madden Ltd. and Under Armour Inc. are all seeing gains today.
At 10:39 a.m. (EST) Skechers’ share price was up 1.53 percent, to $115.98; Nike gained 0.95 percent, to $110.31; and Under Armour was up 0.77 percent, to $85.04.
Market watchers say an overnight jump in sliding Chinese stocks, as well as the NYSE’s return to normalcy have boosted investor sentiment.
The Dow, the Nasdaq and the S&P 500 have all swung back into the positive, showing sharp gains in the market open.
The Dow Jones Industrial Average climbed 220 points, or 1.3 percent, to 17734. The S&P 500 rose 25 points, or 1.2 percent, to 2072, and the Nasdaq Composite gained 62 points, or 1.3 percent, to 4971.
Analysts say much of the unrest in the market is due to international business factors, but the American consumer remains relatively healthy financially.
The unemployment rate is hovering at a six-year-low of just above 5 percent, according to the Bureau of Labor Statistics, and gas prices remain down year-over-year at an average price of $2.76, according to AAA.