Small caps hold gains

Small-cap stocks remained higher into midday trading, with retailer, airline and technology shares leading the way in quiet pre-holiday activity. At 12:25 p.m. ET, the Russell 2000 (NYSE:IWM) was up 7.13, or 1.48% at 489.90.

The S&P Retail Index was up 2.2% at midday, with large-cap department stores like JC Penney Inc. (NYSE:JCP), Nordstrom Inc. (NYSE:JWN) and Sears Holdings Corp. (Nasdaq:SHLD) all showing impressive gains. On the small-cap side of things, Wet Seal Inc. (Nasdaq:WTSLA) was up 6.2%; Blue Nile Inc. (Nasdaq:NILE) was up 4.3% and Christopher and Banks Corp. (NYSE:CBK) was up 3.9%. Also within the small-cap retailer/apparel theme, Jones Apparel Group Inc. (NYSE:JNY) was up 10.9%.

Looking at the air carrier group, the AMEX Airline Index was up 2.5%. Small-cap airline US Airways Group Inc. (NYSE:LCC) was up 4.1% and UAL Corp. (Nadsaq:UAUA) was up 2.9%. Airlines likely benefited from the recent slide in crude oil prices. Crude prices at midday were basically flat even though the weekly inventory report showed a surprise build in stocks.

The stock market was able to build modestly on morning gains after the weekly ...

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