Shares of retailers and other consumer companies rose after strong spending and confidence data.
May consumer spending was more or less flat with April levels, which were revised higher. Overall spending in May was well above pre-pandemic levels, with spending on goods up nearly 20% from February 2020.
Meanwhile, the final reading of the University of Michigan's index of consumer sentiment was 85.5 in June, down from the mid-month estimate of 86.4, but above the 82.9 reading registered in May. There were signs that the "wealth effect" of higher home and stock prices was lifting sentiment among wealthier consumers, with improvement in that segment accounting for most of the June gains.
Shares of Nike surged after the sneaker and sportswear concern's quarterly sales growth topped Wall Street targets. German rival Adidas rose in sympathy.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-25-21 1716ET
