Wal-Mart Stores (WMT) Starts Gaining On Hopes Of Early Recovery in Consumer Spending

Dow constituent Wal-Mart Stores (NYSE: WMT) gained close to 2.75% to scale to a level of $55.36 by early afternoon trading on Monday. The largest retail discount chain store in the world started with the session a gap-up opening after Wal-Mart Stores (WMT) was raised upgraded to “buy” from “hold” by Citigroup earlier this morning.

Wal-Mart Stores (WMT) now faces its immediate resistance around $59.09, from where it started showing a reversal in slowdown during the slowdown period beginning December ’08. Wal-Mart Stores (WMT) has been gaining after an improvement in consumer sentiment very recently, leading to hopes that consumer spending would move up soon.