Shares of retailers and other consumer companies rose after mixed earnings and economic data.
New weekly U.S. unemployment claims were below one million last week for the first time since the coronavirus pandemic hit the U.S. in March, suggesting the labor-market recovery is regaining steam.
Median suburban home prices at the end of June were up 3.3% year over year, according to a new analysis by Zillow Group. Median urban home prices at the end of June were flat from a year earlier, hurt by drops in New York City and San Francisco, both hard hit by the pandemic.
Tapestry, the parent of the Coach, Kate Spade and Stuart Weitzman brands, swung to a loss for the fiscal fourth quarter as sales fell 53% due to efforts to curb the pandemic. Shares only fell slightly, however, after Tapestry said digital sales rose by triple digit percentages and said sales in China were growing again.
Switzerland Group, the luxury watch provider, swung to a pretax loss in fiscal 2020 as the pandemic hit the business and costs rose, but said business has recovered in the first quarter of fiscal 2021.
Shares of German travel concern TUI fell after it warned that it would cut costs by 30% after posting a fiscal third-quarter loss.
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