Exchange traded funds tracking the retail sector rose on Tuesday following a report on May sales and a strong quarter from Best Buy (NYSE: BBY).
Best Buy shares rallied 7% after the electronics retailer reported better-than-expected first-quarter earnings.
“The beat was on sales, with both domestic and international better than expected,” Deutsche Bank analysts said. “By category, there were no surprises, with mobile phones and tablets showing strength to offset weakness in televisions.”
Also Tuesday, the Commerce Department said U.S. retail sales fell 0.2% in May, the first decline in nearly a year.
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