SPG - Why Gap Macy's and Other Retailer Stocks Are Rising Today
Shares of several brick-and-mortar department store operators were rising on Tuesday, amid growing indications that stores around the U.S. could begin to reopen as soon as next week, as government officials relax rules intended to slow the spread of the COVID-19 virus.
Here's where things stood for these companies' stocks as of 1 p.m. EDT, relative to their closing prices on Monday.
Here's the bit of news that is driving retail stocks (and credit card stocks) higher on Tuesday: Shopping-mall operator Simon Properties Group (NYSE: SPG) said that it plans to reopen 49 of its U.S. malls and outlet centers by next Monday, May 4.