NEW YORK (
) -- Retailers are rallying Monday afternoon after the G-20 pledge to keep economic stimulus in place until a recovery is certain.
The S&P Retail Index is rising 1.6% to 401.51, led up by big movers like
Abercrombie & Fitch
by Credit Suisse.
Last week, the electronics retailer announced it will begin selling
iPhone 3G in select stores this month, and nationwide by 2010.
by Credit Suisse to outperform from neutral, sending shares climbing 7% to $37.46.
Analyst Paul Lejuez said the teen retailer will most likely beat Wall Street's estimates when it reports third-quarter earnings on Friday.
Barnes & Noble is increasing 7.6% to $18.34, after announcing several new initiatives. The book store will host the first Sarah Palin book signing for her new autobiography and also unveiled its newly designed kids store on its Web site.
This comes as, last week, rival
said it would close 200 of its Waldenbooks stores.
Despite a shareholder investigation of
, shares of the jeweler are soaring 15.8% to $5.42 this afternoon, regaining some of their massive 26% plunge last week.
Kendall Law Group, a Dallas based law firm that represents investors, said that the investigation is related to possible securities violations concerning admitted errors in Zale's public statements affecting stock purchased between Nov. 16, 2006 and Oct. 29, 2009.
Other notable gainers include
, which is growing 5.7% to $6.48,
, which is gaining 6.6% to $5.18,
, which is up 8.8% to $9.24 and
, which is advancing 7.3% to $6.45.
One of the only retailers in the red is
, after it was downgraded by Barclays Capital to equal weight from overweight.
Analyst Jeff Black said that while the company could do well in 2010, this optimism is clouded by the potential for negative November same-store sales and expense deleverage from increased marketing spending in the fourth quarter.
Shares of the specialty retailer slipped 1% to $22.81 in afternoon trading.
-- Reported by Jeanine Poggi in New York
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