(Bloomberg) -- Simon Property Group Inc. surged to the highest level in almost three months on Friday, fueled by hopes the economy is bouncing back faster than expected from the pandemic.
The mall owner jumped as much as 19% to $91.63, the highest intraday level since March 12. That was the day after the NBA halted its season and Tom Hanks announced he had contracted the coronavirus, a turning point that was soon followed by lockdowns around the U.S.
Simon's shares were down nearly 50% this year through Thursday's close, battered by a virus outbreak that has pushed consumers deeper into the embrace of e-commerce.
The spike on Friday came after the jobless rate unexpectedly fell, defying forecasts. As stores around the country reopen, antsy Americans have shown a willingness to shop, buoying the nascent economic recovery.
Simon's shares have rallied each day this week after closing May 29 at $57.70.
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