WMT - Stock Market News: Rite Aid Keeps Soaring; Michaels Poaches From Walmart
The stock market continued to tread water during the holiday week, as investors seemed content to leave popular market benchmarks at or near all-time highs. Most companies aren't announcing much in the way of news as the year approaches its end, and there wasn't major economic or geopolitical news to move markets, either. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 43 points to 28,665. The S&P 500 (SNPINDEX: ^GSPC) gained 2 points to 3,242, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) eased lower by a point to 9,021.
Rite Aid (NYSE: RAD) has been notable in seeing its stock price soar over the past week and a half, and some investors are speculating about what's behind the big rise. Meanwhile, Michaels Companies (NASDAQ: MIK) named a new chief executive officer with past experience at Walmart (NYSE: WMT), and the arts and crafts retailer has high hopes that the new CEO can jump-start further growth there.
Shares of Rite Aid jumped another 18% Friday morning, adding to recent gains. Since Dec. 19, the stock has almost tripled, with investors seemingly growing ever more optimistic about the drugstore chain's prospects for 2020 and beyond.