Retailers and other consumer companies rose after mixed earnings reports.
Dollar General and Dollar Tree reported higher quarterly sales as shoppers gravitated towards the deep discounters despite price increases.
Apparel chains Victoria's Secret and Abercrombie & Fitch reported declining quarterly sales and lowered their sales targets for the year as inflation weighed on consumer demand for discretionary items.
"Going into the winter, natural gas or heating oil, or whichever one people are using in their homes," said JJ Kinahan, chief executive of IG North America, the parent company of options firm tastytrade.
"You'll see where this may happen in the day-to-day budget, there doesn't seem to be a way around having to pay more."
The average rate on a 30-year fixed mortgage climbed to 5.55% this week, according to a Freddie Mac survey of lenders.
"Right now, it appears storm clouds are forming on the housing front -- a yellow warning sign from an economic perspective," said Peter Essele, head of portfolio management for financial-adviser network Commonwealth Financial Network, in e-mailed commentary.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-25-22 1712ET
