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Why Department Store Stocks Gained This Week

Why Department Store Stocks Gained This Week

Shares of department store stocks, including Macy's (NYSE: M), Kohl's (NYSE: KSS), and Nordstrom (NYSE: JWN), were all moving higher this week as a number of news items pointed to the economic reopening reaching full speed as some states removed all of their COVID-19-related restrictions. Additionally, several analyst reports showed consumer spending picking up at mall and apparel stores, and the broader gains in the stock market were good news for cyclical stocks like these as well. As of the market close on Thursday, Kohl's and Nordstrom were each up 11.9% through the week, while Macy's had tacked on 9.8%.