Business News: Turkey Day travel rush is on; Earnings send retail stocks higher

The holiday travel rush is already on, and it could spread out over more days than usual this year.

Travel experts say the ability of many people to work remotely is letting them take off early for Thanksgiving or return home later.

Crowds are expected to rival those of 2019, the last Thanksgiving before the pandemic.

The Transportation Security Administration screened more than 2.6 million travelers on Monday, surpassing the 2.5 million screened the Monday before Thanksgiving in 2019.

AAA predicts that nearly 55 million people in the U.S. will travel at least 50 miles from home this week, an increase over last year and only 2% less than in 2019.

Earnings send retail stocks higher

Stocks rose on Wall Street and solid earnings helped jolt a mix of retailers higher ahead of the Thanksgiving holiday in the U.S. The S&P 500 rose 1.4% Tuesday. The Dow Jones Industrial Average added 1.2% and the Nasdaq added 1.4%.

Financial and technology companies gained ground. Energy stocks rose along with oil prices. Treasury yields slipped. Best Buy soared more than 12% after the Minneapolis-based consumer electronics chain did better than analysts expected and said a decline in sales for the year will not be as bad as it had projected earlier.

“(Monday’s) slow sell-off of energy was overdone,” said Jay Hatfield, CEO of Infrastructure Capital Advisors. “So you’re getting a bounce back in energy and that’s really leading the market.”

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