Why Amazon, Wayfair, and Gap Stock Jumped Higher Today
Shares of Amazon (NASDAQ: AMZN), Wayfair (NYSE: W), and Gap (NYSE: GPS) were all rising today as investors regained some of their optimism for retail stocks. Several retailers reported better-than-expected quarterly financial results recently that helped boost the share price of some retail stocks today.
As of 3:12 p.m. ET Amazon had gained 3.9%, Wayfair had jumped 10.9%, and Gap was up 12.3%.
Retail stocks have been on a downward trajectory lately as investors have become increasingly worried that sky-high inflation and aggressive rate hikes by the Federal Reserve will cool down the economy and cause consumers to spend less.
Source Fool.com