Shares of retailers and other consumer companies rose as investors rotated into cyclical stocks, in light of optimism about economic growth.
One strategist said the recent strength of economically sensitive stocks reflects the prospects of vaccines "broadening" the economic recovery from the pandemic.
"If you think about small caps, cyclical stocks, I think you will see the recovery continue in 2021 ... as the outlook for economic growth broadens," said Brent Schutte, chief investment strategist at money manager Northwestern Mutual Wealth Management.
Grocery-store chain Albertsons reported stronger sales growth than some rival food sellers as consumers continued to stock up on staples during the coronavirus pandemic.
Sheldon Adelson, founder of Las Vegas Sands and a prominent political donor, died at the age of 87.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-12-21 1728ET
