PLCE - Why Retail Stocks Were Soaring Today
Retail stocks got another shot in the arm today as AstraZeneca , in tandem with Oxford University, became the third pharmaceutical company in as many weeks to announce positive phase 3 coronavirus vaccine results, saying that its vaccine regimen had an efficacy rate of as high as 90%, or 70% on average.
The news added to hopes that vaccines would soon be available and in wide enough distribution to bring an end to the COVID-19 pandemic, which is bullish for a range of "recovery stocks," including most retailers.
Among the winners today were Nordstrom (NYSE: JWN) , which gained 10.1%; Kohl's (NYSE: KSS) , which finished up 8.9%; The Children's Place (NASDAQ: PLCE) , which was 9.3% higher; Designer Brands (NYSE: DBI) , which increased 14.1%; American Eagle Outfitters (NYSE: AEO) , which gained 7.3%; and GameStop (NYSE: GME) , which tacked on 9.4%.
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Why Retail Stocks Were Soaring Today