Shares of retailers and other consumer companies rose as traders bet the jobs market expansion would outlast Delta variant fears.
The number of new unemployment applications fell by 14,000 to 385,000, quelling concerns about the strength of the jobs market after a weak private-sector survey Wednesday.
Travel companies surged, a session after a sharp selloff, with Royal Caribbean Cruises, Norwegian Cruise Line Holdings and American Airlines among the biggest gainers. Strategists at brokerage Goldman Sachs predicted that fears about the economic impact of the Delta variant could fade, supporting prices of stocks vulnerable to pandemic effects, like the travel companies.
Grill maker Weber saw its shares rise on its stock-market debut after it priced its initial-public offering below expectations and slashed the number of shares being sold.
Casino and racetrack chain Penn National Gaming rose after it agreed to buy Score Media and Gaming for about $2 billion, adding sports news and digital technology to its sports-betting operations.
Shares of Zalando fell after the Berlin-based online retailer reiterated growth targets for the year, disappointing some investors who had anticipated significant growth acceleration.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-05-21 1720ET
