Over the past couple of years, we saw an unprecedented boom in consumer spending. With the government stimulus payments and programs such as the freeze on student loan payments, consumers were flush with cash to spend.
After unwanted shirts and pants piled up in warehouses and stockrooms last year, clothing chains such as Gap Inc. and Urban Outfitters have said over the past two weeks they've had an easier time selling clothing through the summer without slashing prices so aggressively.
Some individual names like Ralph Lauren Co. NYSE: RL have been having a decent year, some big names like Target Corporation NYSE: TGT have been struggling, while others like Abercrombie & Fitch Company NYSE: ANF have had their best run in years.
The S&P 500 went into a new bullish trend in early November, with the SPDR S&P 500 ETF Trust NYSEARCA: SPY gapping up twice since its follow-through day on November 1. The index is up 7.73% in November.
For a second day in a row, the S&P 500 posted narrow gains, rising 0.1% and extending its winning streak to four sessions. Overall, U.S. equities were little changed on Friday, but major indexes were sharply higher for the week amid positive news about inflation.
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