Why Retail Stocks Were Soaring Today

Retail stocks got another shot in the arm today as AstraZeneca, in tandem with Oxford University, became the third pharmaceutical company in as many weeks to announce positive phase 3 coronavirus vaccine results, saying that its vaccine regimen had an efficacy rate of as high as 90%, or 70% on average.

The news added to hopes that vaccines would soon be available and in wide enough distribution to bring an end to the COVID-19 pandemic, which is bullish for a range of "recovery stocks," including most retailers.

Among the winners today were Nordstrom (NYSE: JWN), which gained 10.1%; Kohl's (NYSE: KSS), which finished up 8.9%; The Children's Place (NASDAQ: PLCE), which was 9.3% higher; Designer Brands (NYSE: DBI), which increased 14.1%; American Eagle Outfitters (NYSE: AEO), which gained 7.3%; and GameStop (NYSE: GME), which tacked on 9.4%.

Source Fool.com