Here's Why Groupon Shares Are Rising Today
Shares of Groupon (NASDAQ: GRPN) climbed today after the Commerce Department released new data showing that U.S. retail sales popped in May. Groupon's stock rose as much as 14.1% in the morning, and as of 12:15 p.m. EDT on Tuesday, it was up 10.7%.
Investors have been looking for any sign that the economy could be getting back on track, and today's retail numbers gave them a glimmer of hope. U.S. retail sales jumped 17.7% in May after falling 14.7% in April.
The jump comes as more states have eased lockdown restrictions and are slowly allowing more businesses to reopen. It's worth mentioning, though, that retail sales spiked on a sequential basis; May's retail sales were still down 6.1% from a year ago.
Source Fool.com
