NEW YORK (TheStreet) -- Shares of Target Corp. (TGT) are higher by 1.23% to $73.81 in mid-afternoon trading on Thursday, as retail stocks gain today following data released by the U.S. government showing retail sales for November grew the most in eight months.
For the previous month U.S. retail sales rose 0.7% compared to 0.5% for October, and higher than the 0.4% increase economists polled by MarketWatch were expecting.
U.S. stocks got a boost from the positive data today, CNBC.com reports.
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"Retail sales are driving things, they were very strong," Chris Gaffney, a senior market strategist at EverBank Wealth Management told CNBC.com.
"This movement today to me crystallizes that investors are starting to believe that the equity market can stand on its own, that it's not necessarily dependent on the Fed,' Gaffney added speaking about the Federal Reserve and worries regarding what would happen once the U.S. Central Bank starts increasing benchmark rates, CNBC.com added.
"The lower oil prices are good for the global economy. It's not good for the energy sector, down nearly 13% year to date, and that is a drag on the broader market, but lower gas prices are good for the consumer," Gaffney said.
Separately, TheStreet Ratings team rates TARGET CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: