Retail stocks and sector-related ETFs have been enjoying a greater year as strong consumer sentiment helped prop up a once ailing segment of the market.
Target Corp (NYSE: TGT) is one of many traditional brick-and-mortar retailers that have been enjoying a strong earnings season. The company revealed its best quarterly results in over a decade and recently hit two record highs since 2015, the Wall Street Journal reports.
“Like others, we’re currently benefiting from a very strong consumer environment, perhaps the strongest I’ve seen in my career,” Target’s chief executive, Brian Cornell, said on an earnings call Wednesday.
TGT makes up 1.3% of XRT’s portfolio and 4.2% of RTH’s underlying holdings.
Rising Consumer Sentiment
The ongoing strength in the U.S. economy has fueled the rising consumer sentiment.