Retailers posted their worst monthly sales in five years; even gift-card redemptions were soft. Wal-Mart (WMT) lead the way with 0.5% comps growth vs. 2% estimates; more than half of all retailers missed expectations.
Despite the bad news, Retail stocks had a great day. That is a key group to keep an eye on over the next few months. Retailers will typically be one of the first groups to show a recovery in the economy as it pertains to the average citizens.
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