Consumer companies rose amid hopes that rate cuts would come to the rescue of the housing market -- now under stress from rising mortgage rates.
Analysts said Federal Reserve Chair Jerome Powell's congressional testimony was a clear indication that the central bank is growing more comfortable with a pivot to rate cutting. "We've seen that the labor market has cooled really significantly across so many measures," said Powell, adding that this slowdown was not evident as little as two months ago.
Atlantic Brewing, the biggest nonalcoholic beer brand in the U.S., has closed a new financing round that values it at around $800 million.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-09-24 1738ET
