Shares of retailers and other consumer companies rose as investors hedged their bets on the likelihood of further economic stimulus and Friday's September jobs report.
Weekly initial claims for jobless benefits fell by 36,000 to a seasonally adjusted 837,000 in the week ended Sept. 26, essentially holding steady for the third straight week, the Labor Department said. While the labor market has recovered significantly from the depth of the pandemic lockdown, it's unlikely to reach pre-Covid strength in the near term, said David Kelly, chief global strategist at JPMorgan Asset Management, as reported earlier.
Snacks-and-soda giant PepsiCo said revenue grew 5.3% for the latest quarter as its beverage business rebounded and strong demand continued amid the pandemic for its snacks and packaged foods.
Bed Bath & Beyond said its digital sales surged in the three months ended Aug. 29, as people shopped online during the coronavirus pandemic.
Shares of beer brewer Constellation Brands fell after it reported that Covid-related interruptions to production weighed on volumes in the latest quarter.
Write to Rob Curran at rob.curran@dowjones.com
Corrections & Amplifications
This item was corrected on Oct. 13, 2020 to show that Bed Bath & Beyond Inc.'s second quarter ended on Aug. 29, not on Aug. 31.
(END) Dow Jones Newswires
10-01-20 1702ET
