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Retailers make strong gains in August
NEW YORK — Macy's, Limited Brands and Gap Inc. all posted August same-store sales that topped analysts' estimates as retailers across the board generally posted strong sales, boosted by back-to-school shopping and aggressive promotions. The strong showing comes shortly after the news that consumer confidence for August slumped to its lowest level of the year.
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Sears down on removal from S&P 500 New York
New York -- Shares of Sears Holdings were under heavy selling pressure Thursday morning, sliding 7% to $53.38 on Standard & Poor's. S&P plans to remove the chain from its S&P 500 Index because the chain’s public float has has been below the index's 50% threshold for an extended period of time.
The Sears' name, in one form or another, has been in the S&P 500 since it was created some 55 years ago. Sears will be removed from the index at the close of trading on Sept. 4. The retailer will be replaced by chemical maker LyondellBasell.