Wal-Mart (WMT) at 52-week high as Wall Street rises

It all started with JPMorgan Chase (NYSE: JPM) upping its bid for Bear Stearns (NYSE: BSC) from $2 to $10 a share. Then, we had some good news from the ailing housing sector. Not that anyone is calling a bottom in the sector yet, but February's existing-home sales actually increased and came in above expectations.

The result? Wall Street is rising, with the Dow industrials climbing over 200 points (211 as I write this). The broader S&P 500 is not shying from the rally either, soaring 1.8%, and the Nasdaq composite is up a cool 2.75%.

It is no surprise then to find that Wal-Mart Stores Inc. (NYSE: WMT) actually set a new 52-week high today, climbing to $54.15 before settling back a bit at $53.76, or 1% higher. While no specific news is driving Wal-Mart at the moment, its stock has seen nice price movement lately, as many have bet the discount retailer would fare well in a slowing economy / recession.

Theflyonthewall.com believes that the breakout is technical, saying that after the $51.50-$52 level served as a "major overhead resistance area for 3 years and was a major support area for the 2 years prior," WMT could break out if it climbed above that level. Not only that, but "breakouts of this type, which have developed over a long period of dull range trading, often produce extreme and persistent movement in the direction of the breakout." Meaning, that if the stock doesn't revert back, we could see WMT shares gain strong upward momentum.

While perhaps not breaching 52-week records, other retailers are performing well today too. Continued falling commodity prices have eased inflation concerns, putting retailers back in favor. Target (NYSE: TGT) shares are climbing nearly 2.5%; Walgreen (NYSE: WAG), which has reported a 5% earnings growth, is seeing its shares rise over 5.3%; and Family Dollar (NYSE: FDO), another discount store, is soaring over 6%.