Wall Street has been rallying today, and enjoying the strong start to the week is Wal-Mart Stores Inc. (NYSE: WMT), which hit a new 52 week high in today’s action. The stock traded up as high as $54.15, and is currently trading up 1.3% to $53.95.
The past few months have been a little rocky for investors, as traders have been trying to deal with a weak housing market, a falling U.S. dollar, and a credit crunch that has been rocking the financial sector. When the market gets nervous it starts to look for companies that will benefit for a slowing economy. One of these stocks has been Wal-Mart. The basic concept being that more people will opt to shop in discount stores in order to keep a tighter grasp on their money.
Wal-Mart has definitely been enjoying 2008 thus far, here is a 3 month chart for the stock so you can see just how strong the performance has been since the start of the year:
Other stocks hitting new 52 week highs in today’s market:
- Urban Outfitters (NASDAQ: URBN), Nike (NYSE: NKE) — read last week’s Nike earnings news, TJX Cos. (NYSE: TJX), MasterCard (NYSE: MA), NetFlix (NASDAQ: NFLX)
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