New York (CNN Business) Americans across the country are stocking up on hand sanitizer, cleaning wipes, toilet paper and other products to prepare for the spread of coronavirus.

Long lines at stores and panic buying on cleaning products throughout the country are stretching American retailers' ability to keep up with demand. Shoppers are posting pictures on social media of lines snaking around Costco and empty shelves of sanitizers at CVS, Walgreens and other drug stores.

Costco COST Walmart WMT Walgreens WBA "Very, very busy!" Costco chief financial officer Richard Galanti said in an email Saturday.was the top stock on the S&P 500 Monday.and other retail stocks also jumped.

"It does feel like there is a little bit of panic buying going on," said Doug Baker, vice president of industry relations at trade group Food Marketing Institute. Retailers are "trying to follow the bouncing ball as quickly as they can."

Analysts predict the shopping frenzy will increase revenue for retailers early in the year. For the four weeks ending on February 22, sales of hand sanitizer increased 73%, thermometers grew by 47% and medical masks increased 319% compared with the same period last year, according to Nielsen.

Read More