Why Chewy Stock Was Up 10% on Monday
Chewy (NYSE: CHWY) shares trounced the market on Monday, gaining 10% by 3 p.m. ET, compared to the 2.5% pop in the S&P 500. The pet-focused e-commerce company's stock remains in negative territory so far this year, though, down 38% compared to the wider market's 23% decline.
Monday's broad market rally played the central role in Chewy's stock price jump as investors became a bit less worried about an impending pullback in consumer spending.
Encouraging news from Bank of America had investors feeling less pessimistic about consumer spending trends heading into the holiday shopping season. Spending was "strong, although slower growing," CEO Brian Moynihan said Monday morning after the bank reported rising client balances and 8% higher overall revenue in the third quarter.
Source Fool.com
