Retail ETF Has Best Day Since November On Raised Target Outlook

The largest exchange-traded fund to track the retail sector rallied on Thursday, posting its biggest one-day advance since November after one of its largest components raised its outlook. The SPDR S&P Retail ETF closed 2.3% higher, its biggest one-day move since Nov. 22. More than 9.2 million shares exchanged hands, twice its 4.1 million 30-day average. The move came after Target Corp. forecast a surprise "modest increase" in same-store sales for the fiscal second quarter, citing improved traffic and sales trends. The stock rose 4.8% and boosted a number of brick-and-mortar retail stocks, which have been under pressure this year. Among other notable retailers, Wal-Mart Stores Inc. gained 1.5% and Macy's Inc. was up 4.1%. Despite the move on the day, the ETF remains down 9.4% on the year.