Retail Sector Moves Into The Red, After Briefly Moving Up

Retail stocks opened into the black today after BMO Capital Markets bumped up the ratings of home-improvement retailers Home Depot Inc

and rival Lowe's Cos

from “underperform” to “market perform.” However, after a brief surge, the sector has moved into the red, with the unexpected rise in the first-time claims for unemployment benefits taking its toll on the broader market. After gaining 1.4% in early trading, Home Depot, a Dow member, fell 1.21%. Meanwhile, rival LOW, which added 1.6% in the early morning hours, lost 0.49% by 10:17 am EDT. Read more