Some of the biggest winners in the stock market Tuesday were perhaps a bit unexpected, especially with worries about economic weakness and a potential U.S. recession.
Shares of retail companies that reported solid quarterly results such as Best Buy, Dick's Sporting Goods, American Eagle Outfitters and Abercrombie & Fitch saw big jumps during the day. Best Buy surged nearly 12.8% and Dick's Sporting Goods gained 10.1%. American Eagle and Abercrombie jumped about 18.2% and 21.4%, respectively.
Overall, the sector was one of the market's top performers — the SPDR S&P Retail ETF rose 2.7% during the day, while the three major indexes each gained more than 1%.
Solid outlooks for the holiday period and the year were also rewarded by Wall Street. Abercrombie & Fitch is optimistic going into the 2022 holiday season, and Best Buy stuck by its previous projections for holiday sales.
Dick's Sporting Goods boosted its full-year financial forecast as well.
