Instant Alert: Department stores surge following report of the best holiday sales in 6 years

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   Department stores surge following report of the best holiday sales in 6 years by Akin Oyedele on Dec 26, 2017, 11:22 AM Advertisement Shares of department-store chains rallied on Tuesday following a report that shows they're having a strong holiday-shopping season.  Data from Mastercard SpendingPulse cited by The Wall Street Journal showed that retail sales (excluding autos) rose 4.9% from November 1 through Christmas Eve, the strongest pace since 2011.  Retail stocks have outperformed the broader market late this year.    Shares of large department-store chains jumped in trading on Tuesday following a report that affirms they're seeing strong holiday sales.  Retail sales (excluding automobiles) from November 1 through Christmas Eve rose 4.9% compared to the same period last year, according to data from Mastercard SpendingPulse cited by The Wall Street Journal. That's the strongest pace since 2011. The report, published on Christmas Day, noted that retailers benefitted from the holiday falling on a Monday, because shoppers had a full weekend to make last-minute purchases.  The lowest unemployment rate in 17 years and strong consumer confidence in the economy are supporting gift buying this year, according to Mastercard.  Here's how some of the biggest movers are trading at 10:40 a.m. ET:  JCPenney: +8% Kohl's: +5% Macy's: +4% Express: +4% Dillard's: 3% Retail stocks outperformed the broader market late this year as investor sentiment on the embattled sector improved. Retailers announced more than 8,000 store closures in 2017 amid declining traffic to their physical stores. Online sales have provided the biggest boost this holiday season, the WSJ noted.  Mastercard SpendingPulse had projected on December 15 this holiday shopping season could be the strongest in at least six years. Also, the Commerce Department said earlier in December that US retail sales rose 0.8% in November, more than analysts had forecast. This indicated that the holiday-shopping season was off to a strong start.  SEE ALSO: The '12 Days of Christmas' gifts would set you back $35,000   Share the latest business news with your network:    Email sent to: nguyenvu1187.love5@blogger.com   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011