Why Clothing Stocks Popped Today
Shares of major apparel companies popped today after Pfizer and BioNTech announced that their coronavirus vaccine candidate is producing encouraging results with an estimated effectiveness rate of 90%. The development represents a meaningful step toward ending the COVID-19 pandemic that has upended the economy and hurt consumer discretionary spending and forced widespread closures of retail stores.
Here's how several prominent apparel retailers closed out the session:
All of the companies operate retail stores, distribute products through third-party retailers, or both. Brick-and-mortar stores have been significantly impacted throughout the year due to various lockdown orders as governments attempted to limit the spread of the coronavirus, and rising COVID-19 cases around the world have sparked fears in recent weeks that more restrictions could be implemented.
Source Fool.com
