Retail ETF Gains After August Sales Spring a Surprise By Investing.com
By Dhirendra Tripathi
Investing.com – The S&P Retail ETF (NYSE:) rose 1.3% Thursday after data for August showed a surprise gain in retail sales despite a surge in Covid-19 cases.
Sales increased 0.7% in August, compared to 0.8% according to an Investing.com poll. Consumers thus didn’t hold back their spending when they were supposed to.
Restaurants and bars saw a rise in Covid cases, despite sales being flat at best. However, they were still 32% more than the previous year.
The number of people shopping online for protection against the virus grew 5.3%.
Morningstar estimates that this retailer-focused ETF has $1.1 billion in assets and yields 0.69% over 12 months.
Recent jobs data subdued the sentiment. Labor Department reports that weekly unemployment claims rose to 332 000 for the week ending September 11. These were predicted to increase by 20,000, but they were actually higher than 22,000.
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