Retail Sector Rallies For Second Day On Stronger Than Expected Holiday Sales, Privatization Reports
JC Penney took the retail and investment worlds by surprise this week when the long embattled retailer announced sales growth during the holiday season of 3.7%. JC Penney shares gained 2% Wednesday to close at $7.89.
On Thursday Costco Wholesale became the second major retailer to report better than anticipated December sales results. On January 4, Costco reported a 3% increase in same store sales compared to estimates of 2.8%.
