Once out of favor as mall closures rose and coronavirus restrictions kept people at home, department stores are finding love again on Wall Street.
A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.London In spring 2020, in the depths of coronavirus lockdowns, investors couldn't dump Macy's stock fast enough. Shares fell as low as $4.38 apiece.
That was then. On Thursday, Macy's stock jumped 21% after the company reported better-than-expected earnings. That brought gains so far this year to more than 230%. A share now costs $37.37.What's happening: Kohl's shares popped 11% on Thursday after it reported earnings. The stock has rallied 54% this year. Shares of Dillard's have shot up more than 480%. What gives? First, consumer spending has surged.