Signet was the best performing stock in the S&P 500 today.
Signet Jewelers (SIG) soared to the top of the S&P 500 today as the most beaten-up retail stocks continued to outperform.
Signet Jewelers gained 4.6% to $63, while the S&P 500 fell 0.6% to 2,419.38. The SPDR S&P Retail ETF (XRT) finished unchanged at $40.25.
Instinet’s Frank Cappelleri considers the recent strength of retail stocks:
The mean-reversion trade has continued with many of the worst performing areas of 2017 leading again on Tuesday. The XRT’s current four day gain, for instance, now stands around +4%. That’s a strong move, but prior four day rallies of least 4% since December all petered out soon thereafter. Is the XRT’s pop about to fade, too? So far nothing suggests that this time is any different just yet.
Signet Jewelers’ market capitalization rose to $4.3 billion today from $4.1 billion yesterday. It reported net income of $543 million on sales of $6.4 billion in fiscal 2017.