Why Macy's, Kohl's, and Bed Bath and Beyond Were Gaining Today
Shares of Macy's (NYSE: M), Kohl's (NYSE: KSS), and Bed Bath and Beyond (NASDAQ: BBBY) were all moving higher today as investors continue to rotate out of "coronavirus stocks," including tech stocks that have done well during the crisis, and into beaten-down stocks that have sold off sharply and are now seen as recovery plays. Investors are responding to a wide range of data points that show the economy is recovering, and Americans are returning to their normal shopping and spending habits. That points to upside potential in companies like non-essential retailers as investors expect pent-up demand to drive the recovery in those businesses.
Though there was no specific news out on these stocks, that sentiment was enough to drive the group higher. As of 10:42 a.m. EDT, Macy's shares were up 5.7%, Kohl's had gained 3.9%, and Bed Bath and Beyond was up 5.4%.
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Source Fool.com
