Levi Strauss (NYSE: LEVI) shareholders beat a rising market this week, as the stock gained 11% through late Thursday trading compared to a 5% surge in the wider market. That boost only erased a small portion of recent losses, though, as shares remain lower by 36% in 2022, according to data provided by S&P Global Market Intelligence.

Levi's jump was powered by hopes that the company would have good news to report in its imminent third-quarter earnings announcement.

The main reason for Levi's stock jump is that investors became less fearful about a big consumer spending pullback as part of a potentially deep recession. Markets soared through late Thursday trading after some major declines over the previous few weeks.

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Source Fool.com