Shares of department store retailers and restaurant companies jump after COVID-19 trial news

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Shares of department store retailers including Macy’s Inc. (up 22%), Nordstrom Inc. (up 20.7%) and Kohl’s Corp. (up 12.4%) jumped in Monday premarket trading after Pfizer Inc. and BioNTech SE announced a “successful” COVID-19 vaccine trial. Department stores, which suffered prior to the pandemic, struggled even more as shoppers avoided malls and stores in favor of e-commerce. Restaurant stocks, including Shake Shack Inc. (up 10.3%), Olive Garden parent Darden Restaurants Inc. (up 9.7%), and IHOP parent Dine Brands Global Inc. have also soared, with restaurants dependent on on-premise dining feeling the squeeze as customers take their meals to go during the coronavirus. The SPDR S&P Retail ETF has gained 16.7% for the year to date. The Invesco Dynamic Leisure & Entertainment ETF down 28.6% and the S&P 500 index p 8.6% for the period.
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