Why Wayfair Stock Was Up This Week
Shareholders of Wayfair (NYSE: W) beat the market this week as the stock rose 13% through Thursday trading. That boost compared to a 2.3% rally in the S&P 500, according to data provided by S&P Global Market Intelligence. It only erased a small part of recent losses for the home furnishings retailer, though, whose stock is still down over 80% so far in 2022.
Wayfair benefited from rising optimism about the economy, and from specific hopes about its upcoming earnings report.
Bank of America was one of the first big banks to issue third-quarter results this week, and its report eased fears that consumers were pulling back their spending. Growth here has slowed, the company said, but remains elevated. The bank's stock rose, along with many hard-hit tech stocks.
Source Fool.com
