ANF - 2 Retail Stocks Leading Markets Higher Wednesday

2023-08-23 13:20:00 ET

The stock market finally got a burst of energy on Wednesday, as investors finally saw the possibility that the economy would hold up better than many had feared. Stock market benchmarks were up as much as 1.5% at midday, with particular optimism about what tech-related companies could say in their upcoming earnings reports.

In contrast, retail stocks have weighed on stock market sentiment lately. Yet on Wednesday, even the retail sector participated in the rally, with Abercrombie & Fitch (NYSE: ANF) and Williams-Sonoma (NYSE: WSM) posting sharp gains. Here's everything you need to know about how these two companies managed to do better than their peers and inspire shareholders with visions of a more prosperous future.

Shares of Abercrombie & Fitch jumped 24% at midday on Wednesday. The apparel retailer reported fiscal second-quarter financial results for the period ended July 29 that pointed to a strong rebound in the company's performance.

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