Wayfair's Stock Surges as Coronavirus Relief Package Nears Approval
Shares of Wayfair (NYSE: W) were soaring on Wednesday afternoon amid a broad-based market rally as U.S. lawmakers appeared close to approving a $2 trillion economic-rescue package.
As of 2:30 p.m. EDT, Wayfair's shares were up about 27.4% from Tuesday's closing price.
Unlike most of its home-goods competitors, which rely on brick-and-mortar stores for much of their revenue, most of Wayfair's business happens online. (The company does have two stores, one of which is an outlet.) As the coronavirus pandemic has all but shut down retail foot traffic in the U.S. and Canada, Wayfair's business model has come to look like a near-term advantage.
Source Fool.com
