Shares of retailers and other consumer companies rose amid earnings reports and stimulus hopes.

"Strong earnings with an improving overall outlook for the economy as the vaccine distribution improves" caused a broad-based rally, said Oliver Pursche, an independent market strategist.

Shares of Procter & Gamble ticked down after the consumer-products giant posted quarterly revenue growth shy of some investors' expectations.

Poultry producer Tyson Foods agreed to pay $221.5 million to settle with plaintiff groups of poultry buyers that sued it for price-fixing claims, helping resolve a four-year legal battle over alleged collusion in the $65 billion chicken industry.

Investment firms KKR and Blackstone Group are among the lenders to department store chain Belk in talks to keep it out of bankruptcy after the chapter 11 process proved difficult for other retailers during the Covid-19 pandemic, The Wall Street Journal reported.

Airline issues rose ahead of United Airlines' earnings report, amid hopes that the vaccine rollout is spurring ticket sales.

The latest round of stimulus checks has boosted restaurant sales, according to executives from chains such as Church's Chicken, Checkers Drive-In Restaurants, Noodles & Co. and TGI Fridays.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-20-21 1707ET