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Retail sector and stocks showing clear signs of rebounding, hitting new 52-week highs

Monday, Nov 9, 2020

Stocks in retail spiked 8% just last week. The notable boost was rallied by gains in shares across the retail sector — including Best Buy, Etsy, Gap and Ross Stores.

Consumers today have become more cost-conscious, and discount retailers will be even more desirable as the holidays approach. Investors will want to buy into these shares, as they are predicted to rise in the coming weeks.

Among numerous retailers that have played a vital role in the increase of stocks, Best Buy’s chart is just beginning.

“The stock is finally breaking out to new highs. We’ve been seeing a nice pickup in the relative performance,” said Piper Sandler’s Craig Johnson.

According to Johnson, growth in Best Buy’s stocks will continue, with a predicted positive rate at 21%.

Gap shares closed up just over half of 1% at $21.43 on Friday after hitting a new 52-week high. It was up nearly 9% in Monday’s premarket, at $23.35.

These stock numbers prove that retail is on the rebound and will only continue to trend upward as the holiday shopping season begins.

Source: Retail Rallies Stocks – CNBC
Photo Credit: Unsplash

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Article Topics: Growth | Industry Outlook | Retail

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