Consumer Cos Up As Benefits Of Discounts For Complaints — Consumer Roundup | So Good News
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Investors and other consumer firms rose after strong earnings reports from discounters eased concerns about rising interest rates.
Shares of Ross Stores rose after the discounter came in third on Wall Street estimates, boosting its full-year forecast.
Shares of Foot Locker rose after the sportswear retailer raised its annual outlook.
On Thursday, Ross partner TJX posted the same store’s rapid growth. The president of the Boston Federal Reserve, Susan Collins, indicated that the central bank could raise the rates by 75 basis points in December.
Investors in the cyclical sector are eager to move on to the next Fed, one analyst said.
“There are expectations that the next consumer spending report will provide more evidence that inflation is slowing faster,” said Quincy Krosby, global head of LPL Financial.
Sales of used homes in the U.S. fell for the ninth straight month in October, reflecting a continued slowdown in housing interest rates.
Contact Rob Curran at [email protected]
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