Consumer companies rose sharply amid optimism about the outlook for mortgage rates.

In one sign that builders are counting on a resurgence in demand driven by rate changes, the expectations of a jump in demand in the coming months pushed the National Association of Home Builders' monthly confidence index up 3 points to 51 in March, the trade group said.

Shares of Sonder fell after the company said its fourth-quarter and 2023 results will be delayed due to accounting errors.

Joann filed for bankruptcy as a consumer pullback weighed down the fabric and craft retailer following a surge in demand early in the pandemic, likely wiping out the stake of private-equity firm Leonard Green.

Write to Rob Curran at

(END) Dow Jones Newswires

03-18-24 1755ET