Street Wire: Retail Stocks Jump on Retail Sales
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Retail stocks rallied Monday after a closer reading of last month's retail sales numbers showed May retail sales weren't as bad as initially thought.
The S&P Retail Index ($RLX
) jumped more than 1.4% early Monday, easily outpacing the broader market's gains.
Last week's May retail sales figures seemed to show U.S. consumers are losing their drive to shop
, but some of the weakness in the retail sales numbers may be due to a quirk in the calendar, not in shoppers' attitudes.