Why Macy's Rose as Much as 11% Higher on Friday
Macy's (NYSE: M) closed Friday 3% higher, after a sprightly day on the stock exchange. The optimism for what has been a very out-of-favor company seems to be due to the Commerce Department's latest set of retail sales data published that morning.
In July, the data show, retail sales increased 1.2% over June. While this was well under the 2.3% estimated by economists and significantly lower than the previous two monthly improvements, it nevertheless indicates that consumers are still determined to shop despite the threat of the coronavirus pandemic.
Image source: Macy's.
Source Fool.com
