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Given rising consumer spending, several retail stocks have gained momentum of late. This is evident in the S&P Retail Select Index’s 120.2% and 50% gains over the past year and year-to-date, respectively, versus the broader S&P 500 index’s 36.6% and 16.3% returns.
Signet Jewelers Limited (SIG) and Zumiez Inc . (ZUMZ) are currently trading above their 50-day and 200-day moving averages. Given the favorable backdrop, we expect these two stocks to maintain their momentum in the near term.
