Consumer companies rose, as strong economic data offset fears about the potential for rising interest rates.
In recent days, central bank officials have pushed back on market expectations for a series of rate cuts in 2024, causing investors to reverse wagers on a boom for consumer borrowing and the housing market.
The most recent Fannie Mae estimate of 30-year mortgage rates showed they have dropped to their lowest level since May 2023, even as they remain above 6.5%.
Spirit Airlines will evaluate strategic options to overcome financial challenges after a federal judge blocked the budget carrier's deal to be acquired by rival JetBlue Airways, The Wall Street Journal reported.
Luxury sales in most categories have slowed in recent quarters, as the appetite for "revenge spending" following the pandemic has worn off. Richemont, the Swiss luxury group that owns watch and jewelry brands Cartier and Jaeger-LeCoultre, bucked the trend. Shares of the watchmaker rose after it posted an 8% increase in sales for the three months through December.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-18-24 1754ET
