Retail stocks rallied in their best day of the year, after Target raised its second-quarter earnings forecast, boosting hopes that others in the sector are also seeing improvement.
But even with the one day of euphoria in some of the worst performing retail names, many major brick-and-mortar chains are still extremely depressed, having seen their market cap dissolve this year as shoppers move online. The XRT, the SPDR S&P Retail ETF, closed up 2.3 percent, its best day since Nov. 22.
J.C. Penney, for instance, jumped 7.8 percent Thursday, but its stock is down more than 40 percent year to date, and Macy’s was up 4 percent but is down 37 percent since the start of the year.
Click here to read more