Why These 3 Retail Stocks Moved Sharply Up -- Then Down -- Thursday
News that Congress was moving forward with $2 trillion in economic stimulus has many stocks surging higher today. At 2:13 p.m. EDT, both the S&P 500 and Dow Jones Industrial Average are up more than 4%, with many stocks up even more. However, things have started to turn down after a morning that had just about every kind of stock moving higher.
In late morning trading, shares of retailers Best Buy (NYSE: BBY), Kohl's Corporation (NYSE: KSS), and Macy's (NYSE: M) were up more than 5%, but at this writing, all three have sharply reversed course, with only Best Buy retaining some of its gains. Best Buy is up about 2%, while Kohl's stock is now down 1.5% and Macy's shares have reversed to a sharp loss, down almost 9%.
Up, then down. Image source: Getty Images.
Source Fool.com
