Discretionary Stocks Are Making a Comeback

New winners and losers have emerged in the stock market as states continue to reopen and consumers venture out after weeks of diminished spending during the coronavirus shutdowns. Shares of the more cyclical retailers, restaurants, airlines and hotels have rallied this month, outpacing the gains of the S&P 500, as well as shares of popular big technology stocks. Wynn Resorts Ltd., Alaska Air Group Inc. and Nordstrom Inc. have each surged at least 23% so far in June, cutting their losses for the year and more than quadrupling…

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