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Byline: Evan Clark
Retail Shares Climb as Jobless Claims Drop
Retail stocks bounced back from a prior-day decline Thursday, rising 1.2 percent after initial jobless claims fell more than expected.
The S&P Retail Index increased 5.19 points to 451.44, as the Dow Jones Industrial Average inched up 5.06 points, or 0.1 percent, to 10,841.21. Retail stocks peaked at 456.06 midsession, beating the previous 52-week high of 452.02 set Monday. Among the fashion gainers were Iconix Brand Group Inc., up 3 percent to $15.69, and J. Crew Group Inc., ahead 2.6 percent to $46.30.
Retail stocks have enjoyed a strong run, rising 9.8 percent so far this year, …