Why Macy's Stock Is Soaring Today

Shares of Macy's (NYSE: M) were soaring 13% higher in morning trading Monday as more good news on a COVID-19 vaccine was released. AstraZeneca and Oxford University reported the vaccine they're working on was up to 90% effective without any serious side effects in a large trial, giving hope to investors there could be a recovery in the retail sector. On Friday, Pfizer asked the Food and Drug Administration for Emergency Use Authorization for its vaccine, which was found to be more than 90% effective in trials.