Retailers and other consumer companies rallied as traders sloughed off weak housing data amid hopes that the Federal Reserve would moderate interest-rate increase plans.
Housing starts fell 2% to a seasonally adjusted 1.56 million, the Commerce Department said, while building permits slipped 0.6% to 1.69 million, but held 1.4% higher than the figure in the prior year.
"The data suggest that single-family housing construction needs to fall by a further 20% or so over the next few months," according to economic consultancy Pantheon Group.
Cruise stocks rose sharply a day after the Centers for Disease Control ended its Covid-19 program for cruise ships, with Carnival, Royal Caribbean and Norwegian Cruise all rising by 4% or more. Pent-up demand for travel has caused a rush to airports and cruise ports in the U.S. this summer, despite consumer concerns about inflation.
The U.S. Global JETS exchange-traded fund, a basket of airlines, rose by more than 4%.
Hasbro is beefing up inventory levels to make sure it has enough toys and games available under the tree for the critical holiday season, following supply-chain issues last year.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-19-22 1719ET
