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Should You Sell Department Store Stocks After the Vaccine Rally?

TheMotleyFool

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Should You Sell Department Store Stocks After the Vaccine Rally?

The S&P 500 jumped on Monday after Pfizer announced promising results from its ongoing clinical trial of a COVID-19 vaccine candidate. Based on the first interim efficacy analysis of the vaccine candidate, it appears to be more than 90% effective. The drugmaker could apply for emergency use authorization in the U.S. within weeks.

Department store stocks were among the biggest beneficiaries of this news. Shares of Macy's (NYSE: M), Kohl's (NYSE: KSS), and Nordstrom (NYSE: JWN) -- the three largest U.S. department store operators -- all skyrocketed 17% or more on Monday.