Shares of Infinera Corp. (NASDAQ:INFN) were rising today after economic data was published showing that retail sales rose in May. Shares of Infinera were up as much as 15.6% before the afternoon.
As of 11:48 a.m. EDT, the company's stock was up 13.9%.
Stocks were rising on Tuesday after the Commerce Department said that retail sales rose by 17.7% in May. Consumers opened their wallets back up in May compared to April, when many businesses were still shut down and retail sales were down 14.7%.
Investors were pleased to see that consumers are beginning to spend money as states open back up. Additionally, a new study showing that an inexpensive steroid drug has been shown to reduce deaths for patients with severe COVID-19 likely added to investor optimism today.
Across most industries, many stocks were moving upward, with the S&P 500 gaining 1.8% as of 11:50 a.m. EDT.
Infinera's stock has been on a wild ride since the pandemic reached the U.S. After regaining some of its losses after the stock market's March plunge, Infinera's shares fell sharply again in May. But today's bounce has helped the company's stock regain some of May's losses and puts Inferna's shares up 87.6% over the past 12 months.