Why Amazon, Apple, and Chewy Stocks All Rallied on Wednesday
The gut-wrenching rollercoaster ride that is 2022 continued for investors Wednesday, with a number of stocks rising to the occasion after several days of declines. There were reasons to be optimistic, as there was evidence consumer spending remained resilient. Reports from two bellwethers provided a dose of enthusiasm, as did better-than-expected consumer confidence data. Investors took the news as an excuse to wade back into the market today, buying up a broad swath of consumer-facing stocks.
With that as a backdrop, shares of Amazon (NASDAQ: AMZN) climbed 1.9% today, Apple (NASDAQ: AAPL) jumped 2.4%, and Chewy (NYSE: CHWY) surged 4.1%.
There was very little in the way of company-specific news, which suggests that market watchers got a much-needed boost of confidence from consumer data.
Source Fool.com
