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Retail Stocks Surge on Reopening News

Apparel and department stores saw much-needed growth

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Retail stocks surged Monday following news that several highly populated states loosened or suspended pandemic restrictions, reports CNBC. The S&P Retail ETF closed Monday posting 2 percent gains thanks to the rallies of retail stocks in the apparel and department store sectors.

Shares of department stores experienced strong growth, with Dillard’s closing up 9.7 percent, Macy’s closing up 8 percent and Nordstrom gaining 6 percent. Apparel retailers also saw gains, with Gap hitting a 52-week high of $37 per share and a 7 percent gain for the day. American Eagle and Kohl’s also closed up 5 percent, while Urban Outfitters gained 6 percent.

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