Retail Stocks Surge As Florida And New York Announce Plans To Lift COVID Restrictions
A number of retail stocks surged Monday as investors looked for ways to buy into the economy reopening, after several large states further loosened Covid restrictions or suspended the measures entirely. The S&P Retail ETF closed Monday up 2%, as a host of retail stocks rallied. Apparel retailers were seeing some of the largest gains, as investors bet that these companies would see sales pick up as people rush to buy new clothes to wear to the office and to go to restaurants and other social events. Shares of the department store chain Dillard’s closed up 9.7%. Gap shares hit a 52-week high of $37, but settled at $35.47, a 7% gain for the day. Macy’s closed up 8%, while American Eagle and Kohl’s gained 5%. Nordstrom and Urban Outfitters shares added 6%. Read more at CNBC.
